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

KAUSIK RAY (Member) (26 Points)

02 February 2024

I am a Salaried person in India aged 58 years. During the FY 2023-24 the accrued Interest from Savings Bank Account will be Rs. 2,00,000. If I am liable to pay Income Tax on Rs. 1,90,000 under 80TTA availing exemption of Rs. 10,000 in Old Tax Regime, whether this exemption will be available in New Tax Regime?

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8 Replies

RAJA P M ("Do the Right Thing...!!!") (127177 Points)
Replied 03 February 2024

No. In new tax regime the deduction not available.
If You are Salaried employee then You can claim standard deduction Rs 50k u/s 80TTB.

KAUSIK RAY (Member) (26 Points)
Replied 03 February 2024

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?

RAJA P M ("Do the Right Thing...!!!") (127177 Points)
Replied 03 February 2024

This 2lakhs only Your income then it's not Taxable income...

If You have any other incomes then please let me know...

RAJA P M ("Do the Right Thing...!!!") (127177 Points)
Replied 03 February 2024

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

KAUSIK RAY (Member) (26 Points)
Replied 03 February 2024

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.