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Intrest excemption

Manjunath Aithal (7 Points)

06 June 2019

i want to know this Assement year 2019-20 is Eligble for Intrest Excemption Upto 40000Rs ?

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CA. Umesh kumar (ca.umesh11@gmail.com) (1465 Points)
Replied 06 June 2019

If you are a senior citizen(age 60 or above any time during FY) then you can claim deduction under section 80TTB (introcuced by Finance act 2018) up to 50000. 50000 interest includes savings or fixed deposit interest.

If you are below 60 years then you can claim deduction of savings interest up to 10000 under section 80TTA. you may message me for any clarification.

VIKAS SAINI (1157 Points)
Replied 06 June 2019

Right information sir

Dibyendu Mazumder (56 Points)
Replied 06 June 2019

Income from Savings A/C exempt U/S 80TTA up to INR 10000.00 in F.Y. 2018-2019.

Income from F D. fully taxable but if you are a senior citizen (i.e. age above 60 years) no TDS will be deduct from the Income of FD Account up to INR 50000.00 also, Income from Savings & FD A/C exempt in case of resident senior citizen up to INR 50000.00 U/S 80TTB.

From F.Y. 2019-2020 no TDS will be deduct from FD Account Interest up to INR 40000.00 ( except INR 10000.00) in resident bellow 60 year & INR 50000.00 in case of senior citizen. (i.e. above 60 year)