Whether exemption under 80TTA in respect of Salaried person is allowed under New Tax Regime during F

U/s 80TTB - exemption of Rs. 50000 for Interest on Bank deposits in respect of Senior Citizens.

Kindly inform me….is there any limit of taxable income in my case….. i.e. Interest  on Savings Account ~ Rs. 2,00,000; Exemption allowed- Rs. 10,000 under Section 80TTA; Tax payable on remaining balance - Rs. 1,90,000 at the rate of IT slab. Is there any limit of the remaining portion?

Originally posted by : KAUSIK RAY
	U/s 80TTB - exemption of Rs. 50000 for Interest on Bank deposits in respect of Senior Citizens.Kindly inform me….is there any limit of taxable income in my case….. i.e. Interest  on Savings Account ~ Rs. 2,00,000; Exemption allowed- Rs. 10,000 under Section 80TTA; Tax payable on remaining balance - Rs. 1,90,000 at the rate of IT slab. Is there any limit of the remaining portion?

Yes, You can get some of deductions in new tax regime. Check out the details in the following link.

If You have that said income only then it's not taxable as per slab.

https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://incometaxindia.gov.in/booklets%2520%2520pamphlets/benefits-for-senior-citizens-very-senior-citizens_english.pdf&ved=2ahUKEwiViNfxmo6EAxWH7DgGHd_HDuQQFnoECBYQBg&usg=AOvVaw15QEdmZ1N2ntCBPN5XqAZB

Thanks Sir….I got one answer….80TTA is not admissible in New Tax Regime. The 2nd query is - If anybody under 30% tax bracket receives Rs. 2,00,000 being interest on Savings Bank Account, he is entitled to exemption of Rs 10,000 u/s 80TTA and he is liable to pay tax @ 30% on Rs 1,90,000 in Assessment Year 2024-25 under Old Tax Regime.
I intend to know …..whether any different rates of IT are to be applicable in case of high value interest (after deduction of       Rs 10,000) or according to tax bracket IT is payable. Or there is any other calculation.

How much is your salary? There are many exemption in your salary. Then, you will have other deductions sec like 80C to 80U too.

Less: If you have any non taxable income. Then, you finalize your computation whether you covered under 30% tax bracket or not.

oTHERS have answered well .... i would just add to not keep so much in SB account. Shift it to other forms of savings for better interest rate.