Section 80TTB: Rs. 50000 deduction on interest income to Senior Citizen
At present, a deduction upto Rs 10,000/- is allowed under section 80TTA to an assessee in respect of interest income from savings account. It is proposed to insert a new section 80TTB so as to allow a deduction upto Rs 50,000/- in respect of interest income from deposits held by senior citizens. However, no deduction under section 80TTA shall be allowed in these cases.
This amendment is effective from 1st April, 2019 and will, accordingly, apply in relation to the assessment year 2019-20 and subsequent assessment years. more
This amendment is effective from 1st April, 2019 and will, accordingly, apply in relation to the assessment year 2019-20 and subsequent assessment years. more
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Let me clear the confusion. The section 80 TTB is operative from Financial Year (FY) 2018-19 i.e. from 01.04.2018 to 31.03.2019, which is also Assessment Year (AY) 2019-20. Both the section 80 TTA are in existence now. For Senior citizens i.e age 60 years and over the section 80 TTB is applicable and for the rest Section 80 TTA is applicable.To further clarify if Sr Citizen take advantage of Section 80 TTB he/she cannot take advantage under Section 80 TTA. more
Apr 15
Please read first sentence as both the sections 80 TTA and 80 TTB are in existence now. more
Apr 15
It is good suggestion to have income tax off on their fixed deposits. It will be next year 2019. We need to enjoy our money now. more
Apr 15
Is it that 80TTA is replaced with 80TTB or both are in existence? Does it mean that Senior Citizen need to give separate declaration under 80TTB to Banks, similar to 15H for FD? Please detail. more
Apr 15
Both Sections 80TTA and 80TTB are there. You can submit Form 15H to bank if total interest due to you in a financial year is more than Rs.50000 to avoid TDS. If it is less bank will not deduct tax. more
Apr 16
