alleryStart learning →Savings interest earned by a firm is eligible for 80TTA in the hands of its partners:
AYes, in full amount
BYes, up to Rs 5,000
CYes, if firm is registered
DNo, it is not allowed
Answer & Solution
Correct answer: D. No, it is not allowed
Section 80TTA(2) denies the deduction to a partner on income from a firm's savings account.
Keep practising Aggregation of Income, Set Off of Losses and Deductions
Browse all Aggregation of Income, Set Off of Losses and Deductions questions for CA Inter, or explore more Taxation topics.
Related questions
For an individual under 80DDB, 'dependant' includes the spouse, children, parents and:For 80DDB, the deduction is reduced by amounts received from:For a senior citizen, the 80DDB limit rises to:Section 80DDB allows the amount actually paid or Rs 40,000, whichever is:A resident supports a disabled dependant and spends on treatment; the base 80DD deduction If the dependant predeceases, the 80DD deposit is:Besides spending on treatment, 80DD also covers payment into a scheme of:Section 80DD grants a deduction for expenditure on a dependant who is: