u/s 80TTA ,which amount will be exempted ? and u/s 80TTB ?
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section 80TTA & TTB
Replies (8)
Quick Summary
Interest from deposits with banks and fixed deposits
post office saving bank interest
post office saving bank interest
Make clear ?
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
Ok sir, thank you.
You are most welcome.
Sujit Talukder
www.taxcorner.co.in
Reply 80TTB is allowed/not.
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.
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.
Ok, now I am clear.
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