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Section 80TTA & TTB
u/s 80TTA ,which amount will be exempted ? and u/s 80TTB ?
Replies (4)
Section 80TTA provides a deduction of Rs 10,000 on interest income. This deduction is available to an Individual and HUF.
This deduction is allowed on interest earned –
- From a savings account with a bank
- From a savings account with a co-operative society carrying on the business of banking
- From a savings account with a post office
This deduction is NOT allowed on interest earned on these deposits.
- Interest from fixed deposits
- Interest from recurring deposits
- Any other time deposits
Section 80TTB (Only for senior citizen) provides a deduction of Rs 50,000 on interest of all kind of deposits.
Thanks
Go for old taxation regime to get all such 80C 80D 80TtA /80TTB 24(2) etc deductions.
Old or new tax regime is from FY 1-4-2020 that is FY 2020-2021
Old or new tax regime is from FY 1-4-2020 that is FY 2020-2021
Section 80TTA and 80TTB nicely explained by Mr. Sushank kumar
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