Click here to download All in One TDS on Salary for Govt & Non Govt Employees for the Financial Year 2014-15 (This Excel Based Software can prepare at a timeTax Compute Sheet + Individual Salary Structure + Individual Salary Sheet + Automated Form 16 Part A&B and Form 16 Part B for Govt and Non-Govt employees)

Section 80TTA deals with the tax rebate available on interest earned in your savings bank account upto a limit of Rs 10,000 in a financial year. This new section was introduced in the finance act 2012 and is applicable from the financial year 2013-14. Only individuals and HUF can claim rebate under this section. The aim of this act is to increase savings and motivate tax payers to park their short term funds in savings accounts and benefit from interest gained.

Section 80TTA tax rebate is for interest earned in normal savings accounts only. The savings account can be with any commercial bank , public or private, cooperative banks or post offices. If the savings account is in the name of a firm or a group of people or a society then this tax rebate will not be applicable.Please note that tax rebate under this section is not applicable for fixed deposits of any term or recurring deposits.

Section 80TTA deductions can be claimed in chapter VI A deductions in addition to existing sections and has a separate limit of Rs 10, 000. This section is not clubbed with any other section under Chapter VI A

Click here to download All in One TDS on Salary for Govt & Non Govt Employees for the Financial Year 2014-15 (This Excel Based Software can prepare at a timeTax Compute Sheet + Individual Salary Structure + Individual Salary Sheet + Automated Form 16 Part A&B and Form 16 Part B for Govt and Non-Govt employees)

On August 26, 2014 by www.taxexcel.net

Share It

No Comments

Read More

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.

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)

On July 28, 2014 by www.taxexcel.net

Share It

No Comments

Read More