Meaning
Section 80TTA provides a tax deduction on interest earned from savings accounts.Definition
It allows resident individuals and Hindu Undivided Families (HUFs) to deduct interest income from savings accounts held with banks, co-operative societies, or post offices.Eligibility and Applicable Income
This deduction is for individuals and HUFs. It covers only interest from savings accounts. Interest from fixed deposits or other investments is not eligible.Maximum Deduction Limit
The maximum deduction allowed under Section 80TTA is ₹10,000 per financial year.Author
