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1.5 lac deduction and 50000 exemption against deposit both taken

Others 566 views 8 replies
Can senior citizen take advantage of 1.5 lac deduction and Rs 50000 exemption against fixed deposit both filing income tax return A/y 2019-20?
Replies (8)

Yes, u/s. 80C  &  80TTB of IT act, respectively.

50000 is maximum deduction on bank FD interest & SB interest.
Originally posted by : Toufiq Qureshi
Yes, u/s. 80C  &  80TTB of IT act, respectively.

so a senior citizen (For AY2020-21)with only FD interest income say Rs 7 lakhs will pay no tax ? with a Rs 1.5 lakh SCSS deposit at post office (for 80c deduction ) + Rs 50,000 deduction for FD+SB interest income (under 80TTb )

You can open SCSS Account with Bank also
good clarification and information

And if husband and wife are both Sr Citizens above age 60, they can open two SCSS Accounts Rs 15 Lakhs each, total Rs 30 Lakhs.

Joint SCSS Account 1: Husband primary account holder, wife secondary

Joint SCSS Account 2: Wife primary account holder, husband secondary

For Senior citizen the deduction available are 

Under 80C             Rs.150000 (investment in PPF, Mutula Fund TAx Savings Schemes, NSCs,etc.)

Under 80 TTB        Rs.   50000  ( deduction out of interest income from Fixed Deposit and Savings deposit with Bank)

 

Originally posted by : Kapadia Pravin
You can open SCSS Account with Bank also

Great ! AY2019-20 is finished & got FD interest refund as well . (income just below 5 lakhs)

For AY2020-21 projected income will be say Rs 6.5 lakhs. So if we open Rs 1.5 lakh "Senior Citizren Saving Scheme" 5yr Deposit in bank befor March 2020 , will it show in 26AS or we have to upload deposit  documents for 80c deduction?( to get the 1.5 lakh 80C deduction in income?)


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