section 80TTA & TTB

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12 Points Posted on 15 February 2020

u/s 80TTA ,which amount will be exempted ? and u/s 80TTB ?

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On 15 February 2020 at 13:05 Report
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This discussion clarifies the tax deductions available under Section 80TTA and 80TTB. Section 80TTA allows individuals and HUFs to claim a deduction of up to £10,000 on interest earned from savings accounts with banks or post offices. Section 80TTB is exclusively for resident senior citizens, offering a deduction of up to £50,000 on interest from all types of bank deposits, including fixed and recurring ones. It's important to note that claiming 80TTB means you cannot claim 80TTA, and under the new tax regime introduced from FY 2020-2021, these deductions are no longer available.

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Profession
28271 Points Posted on 15 February 2020
Interest from deposits with banks and fixed deposits
post office saving bank interest
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On 15 February 2020 at 17:50
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12 Points Posted on 15 February 2020
Make clear ?
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On 15 February 2020 at 18:18
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service
719 Points Posted on 15 February 2020

Section 80TTA is available only to an individual (who must not be a senior or a very senior citizen) and a HUF.
Deduction u/s 80TTA is available for interest on savings bank account held with-
(a) a bank including a co-operative bank,
(b) a Post Office.
Hence, the deduction is not available from interest income from a fixed, recurring deposit, etc.
Maximum amount of deduction is Rs. 10,000


Deduction u/s 80TTB is available only to a resident senior citizen individual
Deduction is available for interest on bank deposits held with-
(a) a bank including a co-operative bank,
(b) a Post Office.
Hence, the deduction includes interest income from every bank deposit including a savings account, a fixed deposit, a recurring deposit, etc.
Maximum amount of deduction is Rs. 50,000


It may be noted that taxpayers claiming deduction under section 80TTB shall not be eligible for deduction under section 80TTA.


Hope this clarifies

.
Sujit Talukder
www.taxcorner.co.in

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On 15 February 2020 at 18:44
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12 Points Posted on 15 February 2020
Ok sir, thank you.
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On 15 February 2020 at 19:00
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service
719 Points Posted on 15 February 2020

You are most welcome.

Sujit Talukder

www.taxcorner.co.in

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On 15 February 2020 at 20:07
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19 Points Posted on 16 February 2020
Reply 80TTB is allowed/not.
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On 16 February 2020 at 12:10
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17269 Points Posted on 16 February 2020
The above is for FY 2019-2020.
But from FY 2020-2021, you have option to adopt old tax regime or new tax regime.

Under old , you will continue to get 80TTA / 80TTB deduction.

But under new tax regime, as per Budget 2020, you won't get any deductions including 80TTA/80TTB.
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On 16 February 2020 at 13:04
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12 Points Posted on 16 February 2020
Ok, now I am clear.
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On 16 February 2020 at 13:09

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