Question ID :
38205
80TTA Deduction
If there is saving interest which has been set-off against business losses, whether deduction u/s 80TTA is available or not?
Posted by
CA Neha Gupta
on
Jun 14, 2019
Filed Under
DIRECT TAXES
no. deductions under chapter VI will be allowed only when there is a positive income.
Posted by
CA. VENKITARAMAN K V on
Jun 14, 2019
Answer ID :
76857
positive GTI is a condition precedent and the scheme is such that deduction is available only from positive income
Posted by
SIVADAS CHETTOOR on
Jun 15, 2019
Answer ID :
77855
No. For getting deduction u/s 80TTA, the savings bank interest should form part of Gross Total Income. This can be inferred from the language of Sec. 80TTA(1) which states "Where the gross total income of an assessee.......includes any income by way of interest on deposits..."
Posted by
ASHISH on
Jun 15, 2019
Answer ID :
77863
If full amount of savings interest is set off against business loss, no deduction under section 80TTA can be claimed.
Posted by
CA. chunauti dholakia on
Jun 17, 2019