How can admin consider Interest on Deposits in Savings account under section 80TTA?

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:

1. From the greytHR Admin portal, navigate to Payroll > Payroll Inputs > Income Tax. The Income Tax page opens.
2. In the search an employee… search box, enter the employee name or number for whom you want to consider the interest.
3. Click the Deductions tab. A table appears.
4. Under Narration column, double-click a row. A list appears.
5. Select Interest on Deposits in Savings Account, FDs, Post Office and Cooperative Society from the dropdown list. The Section column auto-populates as 80TTA.
6. In Gross column, enter the required amount. The Qualifying amount auto-populates.
7. Click Save and Recalculate to consider Interest on Deposits in Savings account under section 80TTA.

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