Section 80TTA is a provision in the Income Tax Act of India that allows individuals to claim a deduction on the interest earned from savings bank accounts.
To consider Interest on Deposits in Savings account under section 80TTA, the admin must perform the following actions:
- From the greytHR Admin portal, navigate to Payroll > Payroll Inputs > Income Tax. The Income Tax page opens.
- In the search an employee… search box, enter the employee name or number for whom you want to consider the interest.
- Click the Deductions tab. A table appears.
- Under Narration column, double-click a row. A list appears.
- Select Interest on Deposits in Savings Account, FDs, Post Office and Cooperative Society from the dropdown list. The Section column auto-populates as 80TTA.
- In Gross column, enter the required amount. The Qualifying amount auto-populates.
- Click Save and Recalculate to consider Interest on Deposits in Savings account under section 80TTA.
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