In CBODT Circular No 01/2019 dated 01-01-2019, it is mentioned as below :Section 80TTB introduced from Financial Year 2018-19 allows a deduction up to Rs. 50,000 in respect of interest income from deposits held by senior citizens from his gross total income if it includes any income by way of interest on deposits (not being time deposits) in a savings account, a deduction amounting to: (i) in a case where the amount of such income does not exceed in the aggregate fifty thousand rupees, the whole of such amount; and (ii) in any other case, fifty thousand rupees. But as per Sec 80 TTB it was mentioned only as DEPOSITS.( which may mean both Savings and time deposits). If it is only for Savings account, why a separate exclusive Sec 80TTB was introduced ?
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Sec 80ttb
Replies (2)
Circular cannot override Income Tax Act. Sec.80TTB is applicable for both saving and time deposits.
Agreed with CA Varun Khasia sir
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