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Clarification
please elaborate the section TTB which is new inserted
Replies (3)
I assume you are talking about 80TTB
This section provides deduction upto maximum amount of 50000/- to senior citizens tax payers in respect of aggregate of ------
savings Bank account interest
interest on bank FDR
interest on post office Time deposits
This section provides deduction upto maximum amount of 50000/- to senior citizens tax payers in respect of aggregate of ------
savings Bank account interest
interest on bank FDR
interest on post office Time deposits
1. According to sec 80TTB deductions to the extent of Rs. 50,000 will be available to senior citizens (above 60 years of age) who are earning income from deposits.
2. The above deposit also includes a savings account deposit. So interest received on the savings account will also be included in the above interest.
3. For senior citizens claiming sec 80TTB will not be eligible sec 80TTA.
Please correct me if the above solution has an alternative view.
Suresh ji - please re-look
Reply 1 - last line , it should be income from bank time deposits and post office time deposits
Reply 1 - last line , it should be income from bank time deposits and post office time deposits
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