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80 TTB SECTION FOR SENIOR CITIZENS

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trnghosh

sr asst

208 Points Posted on 22 August 2020

I am senior citizen person and in the efiling form showed Rs 122169.00 as interest from deposit and tax calculated including this one. Now in the deduction section can I show this one in 80 TTB column, I just put it and it shows a total exemption of Rs 50000.00 out of Rs 122169.00. Am I doing the right thing. I attached two image file for your perusal one showing the interest income (image one) and another 80 TTB column for exemption of Rs 50000.00 (image two).

Many many thanks for your time.

Attached File : 1308355 20200822225956 two.jpg downloaded: 109 times

Replies (5)

Quick Summary

This discussion clarifies the eligibility and process for senior citizens claiming the Section 80TTB tax deduction. It confirms that interest income from deposits, up to a limit of £50,000, can be claimed as a deduction. The user was reassured that they were correctly applying the deduction in their e-filing.

trnghosh

sr asst

208 Points Posted on 22 August 2020

here is the first image.

priyanka pal

76 Points Posted on 22 August 2020

Completely right sir👍👍👍

Sagar Patel

Tax and Business Consultant

5533 Points Posted on 23 August 2020

Yes, sir....it's All right....you are doing right things.

Section 80TTB allow a deduction upto Rs 50,000/- in respect of interest income from deposits held by senior citizens.However, no deduction under section 80TTA shall be allowed in these cases.