Download Automated Master of Form 16 Part B with 24Q & 26Q for the Financial Year 2014-15 & Ass Yr 2015-16 ( This Excel Based Utility can prepare at a time 50 employees Form 16 Part B with 24Q & 26Q as per the latest Finance Budget)
UNDER SECTION 80TTA (Savings Bank
Interest Exemption Max Rs. 10 Thousand)
Under
the proposed new section 80TTA of the Income-tax Act, a deduction up to an
extent of ten thousand rupees in aggregate shall be allowed to an
assessee, being an individual or a
Hindu undivided family, in respect of any income by way of interest on
deposits (not being time deposits) in a savings account with—
Banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that
Act); Co-operative society engaged in carrying on the business of banking (including A Co-operative
land or tgage k or a co-operative land development bank); or Post
office, as defined in clause (k) of section 2 of the Indian Post Office Act,
1898 (6 of 1898).
However,
where the aforesaid income is derived from any deposit in a savings account
held by, or on behalf of, a firm, an association of persons or a body of
individuals, no deduction shall be allowed in respect of such income in
computing the total income of any partner of the firm or any member of the association or body.
This
amendment will take effect from 1st April, 2013 and will, accordingly, apply in relation to the assessment
year 2013-14 and subsequent assessment years. Thus this Section is
continue in this Financial Year 2014-15 also.
