Sir,
I m income tax assessee and I am senior cetizen as aseesed in my individual capacity sir I want to know how many amount will be deducted u/s 80TTB for aseesment year 2019-20
Max. upto Rs. 50,000/-
3 Replies
Puja Sharma
(CA)
(433 Points)
Replied 30 November 2018
With effect from 01.04.2018, a new section 80TTB has been inserted whereby a taxpayer who is a resident senior citizen aged 60 years and above at any time during a Financial Year (FY) can claim a deduction of Rs. 50,000 from his gross total income for that FY.
The specified income in respect of which the aggregate deduction is available is mentioned below:
- Interest on bank deposits (savings or fixed);
- Interest on deposits held in co-operative society engaged in the business of banking including co-operative land mortgage bank or a co-operative land development bank;or
- Interest on post office deposits
However, if an assessee is claiming deduction u/s 80TTB then he will not be allowed deduction of Rs. 10,000 available u/s 80TTA.
Nitesh bind
(Student CA Final )
(12692 Points)
Replied 01 December 2018
Deduction u/s 80TTB is for Interest Income on deposits allowed Max Upto 50,000/-
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