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Showing posts with label Rs.50. Show all posts
Showing posts with label Rs.50. Show all posts

Sunday 27 January 2019

During the Budget 2018, Finance Minister inserted a new Section 80TTB. This allows a tax deduction of up to Rs.50,000 with respect to interest income from FDs held by senior citizens. Let see the features of this section.

Friday 10 August 2018

During the Budget 2018, Finance Minister inserted a new Section 80TTB. This allows a tax deduction of up to Rs.50,000 with respect to interest income from FDs held by senior citizens. Let see the features of this section.

FDs or fixed instruments are the major backbones of many of the senior citizens. However, the majority of these fixed instruments are not so tax efficient. Hence, to give some relief to senior citizens Finance Ministry introduced this new Section 80TTB.
This amendment is effective from Financial Year 2018-19 or Assessment Year 2019-20.

Who is eligible to claim the deduction under Section 80TTB?

Senior Citizen who is holding the FDs with Banks, Co-operative Banks and also in Post Offices and earning the interest income from such deposits are eligible to avail the deduction under Section 80TTB.

Here, the meaning of senior citizen is an individual resident in India who is of the age of 60 Yrs or more at any time during the relevant financial year.
Firms, an association of persons or a body of individuals are not allowed to claim the deduction under Section 80TTB.

Also, if a senior citizen claimed the deduction under Section 80TTA (all individuals can claim up to Rs.10,000 deduction against the interest income received from a savings account), then they are not allowed to claim the deduction under Section 80TTB.

Thursday 9 August 2018

During the Budget 2018, Finance Minister inserted a new Section 80TTB. This allows a tax deduction of up to Rs.50,000 with respect to interest income from FDs held by senior citizens. Let see the features of this section.