Section 80TTA → Section 153
Deduction in respect of interest on deposits in savings account
Quick Answer
Section 80TTA of the Income Tax Act, 1961 (Deduction in respect of interest on deposits in savings account) corresponds to Section 153 of the Direct Tax Code 2025 (Income-tax Act, 2025), effective 1st April 2026. Status: Retained.
Sec 80TTA
Provision Summary
Allows deduction up to Rs. 10,000 for interest earned on savings accounts with banks or post offices (for individuals other than senior citizens).
Sec 153
Provision Summary
Merged logically into Section 153 alongside senior citizen benefits to form a single cohesive interest deduction framework.
Key Changes & Highlights
- Interest data is auto-fetched from AIS; the portal automatically applies this deduction if eligible.
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Frequently Asked Questions
What does Section 80TTA of the Income Tax Act 1961 deal with?
Section 80TTA (Deduction in respect of interest on deposits in savings account) Allows deduction up to Rs. 10,000 for interest earned on savings accounts with banks or post offices (for individuals other than senior citizens).
What is the new section number for Section 80TTA under the Direct Tax Code 2025?
Section 80TTA of the ITA 1961 maps to Section 153 of the Direct Tax Code 2025 (Income-tax Act, 2025), effective from 1st April 2026.
What is the status of Section 80TTA under the new tax code?
Section 80TTA is marked as "Retained" with status "Active". Impact: High - Affects almost every retail taxpayer.
What are the key changes to Section 80TTA under DTC 2025?
Interest data is auto-fetched from AIS; the portal automatically applies this deduction if eligible.
Disclaimer: This page is for educational and reference purposes only. Section mappings are based on publicly available drafts and circulars. Always consult a qualified Chartered Accountant before filing or making compliance decisions under the Direct Tax Code 2025.
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