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As per Budget senior citizens have been given tax rebate of Rs.50,000/-instead of 10,000/-. Is this a new section introduced under sec 80 TTA(may be 80TTB) for exemption of interest on Savings account only? Is there any other rebate of Rs.50,000 on interest on FDs or the interest on FDs etc.to be included for taxation? I think Int on FDs are not exempted but the 50,000 Limit is only for submitting Form 15H. Please elucidate.
Replies (3)
Sec 80TTB is inserted in respect of interest income from deposits. And consequently, TDS limit is also enhanced from 10,000/- to 50,000/-
Thanks for the reply. It means rebate under sec 80TTB of Rs.50,000 is in addition to rebate of Rs.10,000 under sec 80TTA for senior citizens.
No sir, if you avail 50,000/- under 80TTB, then no deduction u/s 80TTA shall be allowed to you.
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