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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.

What is Section 80TTA?

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. 

What is the 80TTA Calculator?

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. 

How to Calculate 80TTA Deductions?

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. 


Eligibility for Using the 80TTA Calculator

To use the 80TTA Calculator, you need to meet these criteria: 

  • You are an individual or a Hindu Undivided Family (HUF). 
  • You are under 60 years of age. 
  • NRIs with Non-Resident Ordinary (NRO) savings accounts can also use this deduction.
  • You must have opted for the old tax regime.
  • You have earned interest income from your savings account.


Documents Required to Claim Deductions under Section 80TTA

To claim deductions under Section 80TTA, you will need to present: 

  • Bank statements showing interest earned. 
  • Interest certificates (if applicable).
  • Form 26AS for cross-verification.
  • Proof of age (for 80TTB deduction)
  • Updated passbook entries
  • PAN card and Aadhaar Card. 
  • Bank account details and additional income documents. 
  • ITR form like ITR-1 (Sahaj).

Benefits of Using the 80TTA Calculator

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.

How to Use Chartered ONE’s 80TTA Calculator?

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 

  • Access the Calculator: Go to Chartered One, click on Tools, then select Calculators and choose 80TTA Calculator. 
  • Enter your details: Provide information such as financial year, status whether you are an individual or HUF and your savings bank interest.   
  • Calculate: Once all details are entered, you will get an instant view of your tax deductions. 

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FAQs

Here are some common questions we receive from our customers. If you have any additional questions, please don’t hesitate to contact us.

How to claim deductions under Section 80TTA?
Who is eligible for 80TTA?
What is the difference Between Section 80TTA and Section 80TTB?
Is 80TTA applicable in the new tax regime?
Can NRIs take advantage of the Section 80TTA tax deduction?
Is 80TTA applicable on FD interest?
Can I claim both 80TTA and 80TTB?
What is not allowed as deductions under Section 80TTA?
Is Chartered ONE 80TTA Calculator Safe?
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