Maximise tax benefit on interest income from savings accounts: Analysts

For non-senior citizens, the maximum benefit can go up to Rs 17,000 using Section 80TTA and Section 10(15)(i)

Many taxpayers would have kept higher than usual levels of cash in their savings accounts during the past year to have quick access to money in an emergency. The interest earned from savings accounts would, therefore, be higher this year. Taxpayers should familiarise themselves with all the benefits available on such income to minimise their tax outgo.    
 
Section 80 TTA
 
An individual or Hindu Undivided Family can claim deduction under Section 80TTA up to Rs 10,000 on interest earned in a savings account. Gopal Bohra, partner, N.A. Shah Associates, says, “The savings account can be with any bank,