Tag Archives: Fixed Deposits

Deduction of Interest on Savings Bank account u/s 80TTA

myITreturn

Interest on savings account is taxable as per the applicable slab rates for individuals. However considering the genuine hardship faced by middle class taxpayers. Income-tax department has provided relief to them by introducing a new section 80TTA for deduction of interest on savings account with effect from 1st April, 2012. Taxpayers can enjoy this benefit… Read more »