According to section 80TTA, you can claim a deduction of up to Rs. 10,000 on interest received from a savings bank.
Interest earned from savings accounts, fixed deposits, recurring deposits, RBI taxable bonds etc. is fully taxable in the hands of an individual. However, you can claim a deduction for interest income earned from the following:
Section 80TTA of the Income Tax Act, 1961 provides a deduction of Rs 10,000 on interest earned on savings accounts.
In order to claim deduction under section 80TTA, it is required to add your total interest income under the head ‘Income from Other Sources’ in your return (Schedule OS). It has to be understood that in most cases, this data come prefilled in ITR form. Forms for income tax returns (ITRs) that have already been filled out make the task of an assessee easier because she doesn't have to fill out every field herself. Assesses should not, however, blindly rely on the pre-filled data because it is not always error-free. A person is subject to penalties if, for whatever reason, she fails to disclose all of the money she receives from all of her bank accounts, whether on purpose or accidentally. The assessee cannot hold the pre-filled forms responsible for inaccurate data collection.
To claim the deduction, you have to manually fill the deduction under the Schedule VI-A of the ITR form. Under Part C, CA and D there is the option to fill the Deduction under section 80TTA.
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