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
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Share accounting-->fifo - capital gain - period as per fifo?
- Soyabean hsn code and gst rate
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Treatment of Pension ?annuity returns on PMVY
- BIS Certificates
- Salary and pension received from Asian Development Bank
- Sale of Forign Shares
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
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
