Deduction against Interest Income
Section 80TTA provides a deduction on interest earned from savings accounts with banks, post offices, or cooperative societies. Note that it only applies to interest from savings accounts, not fixed or recurring deposits.
Common Questions:
1. Why is my deduction amount zero?
If the interest income was set off against other heads of income or losses in the current year, the deduction might be zero.
2. Does it include interest from FDs?
No, it only covers interest from savings accounts. For senior citizens, Section 80TTB allows a higher deduction of ₹50,000, including interest from FDs.
The deduction is automatically calculated on Quicko. Here's how to check it.
Steps to Review Deduction under 80TTA
- Navigate to File > Deductions
- Select Section 80TTA/ TTB card
- Review the deduction for interest earned during the year
If you still have any further queries, you can raise a ticket to get in touch with us.
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