If senior citizen have rs. 60000
This query is : Resolved
06 June 2018
If senior citizen have rs. 60000 interest from saving account, then deduction 80TTA rs. 10000 + 80TTB rs 50000 available or not? for A.Y. 2018-19
06 June 2018
They can only claim one maximum u/s 80TTB Rs.50000/-Fixed Deposits (FD) interest upto Rs 50,000 .
07 June 2018
A deduction of lower of Rs 50,000 or amount of specified income is allowed from gross total income. Specified income is any of the following income in aggregate:
- Interest on bank deposits (savings or fixed)
- Interest on deposits held in co-operative society engaged in the business of banking including co-operative land mortgage bank or a co-operative land development bank;or
- Interest on post office deposits
With the introduction of Section 80TTB exclusively for senior citizens, deduction under Section 80TTA is not available to senior citizens.
- Interest on bank deposits (savings or fixed)
- Interest on deposits held in co-operative society engaged in the business of banking including co-operative land mortgage bank or a co-operative land development bank;or
- Interest on post office deposits
With the introduction of Section 80TTB exclusively for senior citizens, deduction under Section 80TTA is not available to senior citizens.
08 June 2018
Exemption U/S 80 TTB is available from F.Y.2018-19(A.Y.2019-20).The querist has asked for saving bank interest of Rs.60000/-,which is allowable U/S 80TTA to the extent of Rs.10000/-.Rs.50000/- is taxable as income from other source.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- EXPORT COMMERCIAL INVOICE HSN CODE
- Bank details not Visible on Traces Portal
- Taxability of Partnership firm for FY 2025-26
- GST Rate for Catering Services
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- ITDS U/S.194T of Firm
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
