Web14 Aug 2024 · Section 80TTB became a part of the Finance Bill in 2024 and has since been applicable. Under Section 80TTB of Income Tax Act, senior citizens above the age of 60 … WebUnder Section 80TTA,a deduction can be claimed against interest income gained from a savings bank account. Interest from a savings bank account should be first included under the head ‘other income’ while computing it and deduction can be availed of the total interest earned or `10,000- whichever is less.
Section 80TTA and Section 80TTB: Saving tax on interest income
Web1 Mar 2024 · The government in 2024 introduced Section 80TTB. It bestows the right to senior citizens to claim deduction. An Indian citizen who has attained the age of 60 years and above can claim a deduction of up to Rs 50,000 under Section 80TTB by way of interest on deposits with Web26 Nov 2024 · Archit Gupta CEO, ClearTax replies: Interest of up to Rs 50,000 received from this scheme will be eligible for a deduction under Section 80TTB of the Income-Tax Act. The section provides for exemption of interest received on deposits in banks, cooperative societies engaged in banking business or a post office. farnham fields farm shop
Deductions on interest earned by Senior Citizens Section 80TTB
WebUnder Section 80TTB deduction, senior citizens can claim income tax exemption of upto Rs. 50,000/- on interest income earned. Introduction of Section 80 TTB allows a special … Web15 Mar 2024 · Section 80TTA allows HUFs or individuals to claim a deduction of up to Rs. 10,000 on interest earned from a savings account. The deduction is available on the interest earned from a savings account held with a bank, post office, or cooperative society. The maximum deduction limit is Rs. 10,000 irrespective of the amount of interest earned. Web4 Apr 2024 · Section 80TTB is a provision whereby a taxpayer who is a resident senior citizen, aged 60 years and above at any time during a Financial Year (FY), can claim a specified amount as a deduction from his gross total income for that FY. This Section is … Contributions made to certain relief funds and charitable institutions can be … farnham flint fishing