80TTA Calculator
Use our 80TTA Calculator to easily calculate your deduction on interest received on savings accounts. Find out how to claim it, check eligibility, and the documents you'll need.
Use our 80TTA Calculator to easily calculate your deduction on interest received on savings accounts. Find out how to claim it, check eligibility, and the documents you'll need.
Section 80TTA of the Income Tax Act Allows individuals to claim a deduction on the interest earned from savings accounts. This deduction applies to interest earned from savings accounts in banks, cooperative societies or post offices. You can claim up to Rs 10,000 per financial year under this section which reduces your taxable income.
80TTA Calculator is a simple tool that helps you calculate how much interest deduction you can claim on interest earned from your savings accounts. After entering your total interest income, the calculator will show how much tax you have to pay after applying the 80TTA deduction. In this way you can plan your taxes and save money.
In short, using this 80TTA calculator you can determine the tax benefits that you get on your savings account interest. This makes tax planning easier.
Calculating 80TTA deductions is simple and helps you reduce your taxable income. Here is a step-by-step guide to calculate the deduction:
Determine Total Interest Earned:
First calculate the total interest you earned from all your savings accounts in banks, cooperative societies and post offices during the financial year.
Check the Maximum Limit:
The highest amount of deduction under Section 80TTA is Rs 10,000. If the total interest earned is less than Rs 10,000 you can claim the full amount. If it exceeds Rs 10,000 you can only claim a maximum deduction of Rs 10,000.
Subtract from Gross Total Income:
Once you have the interest amount, subtract the eligible deduction (up to rs 10,000) from your gross total income. This reduces your taxable income.
Taxable Income:
After subtracting the deduction the remaining will be subject to income tax based on the applicable tax slabs.
To use the 80TTA Calculator, you need to meet these criteria:
To claim deductions under Section 80TTA, you will need to present:
80TTA Calculator is a useful tool for anyone looking to reduce their taxable income by climbing deductions on interest earned from savings accounts. This calculator helps you quickly understand how much deduction you can claim under Section 80TTA of the Income Tax Act, 1961. Additionally, it simplifies tax planning and helps you ensure you are not missing out on potential savings.
Using our 80TTA Calculator is easy and helps you estimate your tax deductions in just a few steps. Here’s how to use Chartered ONE’s
We provide expert guide also guaranteed maximum refunds on your income tax returns, with additional expenses from you.
File your ITR
Here are some common questions we receive from our customers. If you have any additional questions, please don’t hesitate to contact us.
To claim the 80TTA deduction, start by calculating the total interest earned from all your savings accounts. Report this interest under ‘Income from Other Sources’ when filing your ITR. You can then deduct up to Rs. 10,000 under Schedule 80TTA in your income tax return which reduces your taxable income.
Section 80TTA is available to taxpayers who are below 60 years of age. Additionally, HUFs are also eligible for this deduction. The maximum deduction allowed under Section 80TTA is Rs 10,000 in a financial year.
Section 80TTA is for individuals and HUFs except senior citizens to claim up to Rs 10,000 deduction on interest from savings accounts. Section 80TTB is for senior citizens (60 years or older) which allows them to claim up to Rs 50,000 on interest from savings and fixed deposits.
Under new tax regime introduced in FY 2020-21, taxpayers are not eligible to claim deductions under Section 80TTA. You need to choose the old tax regime to benefit from 80TTA deductions where these deductions on savings account interest are allowed.
Yes NRIs can claim the 80TTA deduction for interest earned on their NRO savings account. However this does not apply to NRO fixed deposit accounts. Interest earned on Non-Resident External (NRE) accounts is tax-free.
No, interest earned from fixed deposits or recurring deposits is not eligible for a deduction under Section 80TT of the Income Tax Act 1961.
No a taxpayer can only claim deductions under either Section 80TTA or Section 80TTB based on their eligibility.
Deductions under Section 80TTA do not apply to:
Yes the Chartered ONE 80TTA Calculator is completely safe to use. It does not require personal information and does not store your data. You can use this calculator without fear as it ensures privacy and security.