26 July 2020
FOR A SENIOR CITIZEN IF HE HAS INTEREST FROM SAVINGS BANK SHOULD THAT BE SHOWN AS INCOME FROM OTHER SOURCES. WILL HE BE ELIGIBLE FOR 80TTA EXEMPTION.
AN AMOUNT OF INR 9800/-CONTRIBUTION MADE U/S 80G TO RAMAKRISHNA MISSION . IS THE FULL AMOUNT ELIGIBLE FOR DEDUCTION.
26 July 2020
Dear Suresh Interest earned by Senior citizens on saving bank account will be taxable under the head Income from other Sources and the deduction will be allowed under section 80TTB, not in 80TTA. And a maximum of Rs. 50,000 can be claimed as a deduction.
Also, the full amount cannot be as a deduction for donation u/s 80G.
26 July 2020
Please write to cakaransingh01@gmail.com with complete details of interest income and donation made. You will get the final taxable income and tax required to pay with complete Computation.
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