WebSection 80TTB - Tax deduction on interest income for senior citizens; As per Section 80TTB under the Income Tax Act, senior citizens (aged 60 and above) can claim tax breaks on interest income from deposits that are held by them. The maximum deduction allowed in a financial year is Rs. 50,000. WebSimilarly, under the new tax regime, taxpayers can claim the benefit of employer contributions to their National Pension System (NPS) account under section 80CCD(2) of …

Section 80TTB - Tax Deduction for Senior Citizens Fincash

WebSection 80TTB Deduction Limits. As per existing tax rules, Section 80TTB tax benefits are limited to annual interest income of up to ₹50,000. This is a cumulative limit irrespective … WebBoth these acts are under section 80 of Income Tax. Section 80TTA is for a tax deduction on income from savings of individuals and HUFS below 60 years, whereas; 80TTB is applicable for the tax deduction of senior citizens. Moreover, 80TTA excludes savings from the fixed deposit, whereas 80TTB considers savings from all sources. magnesium oxide wallboard cost

Does New Tax Regime Make More Sense For Seniors?

WebJul 23, 2024 · The maximum amount of deduction available under section 80TTB is Rs. 50,000. Therefore, any senior citizen can claim deduction in respect of interest on … WebTax Deduction under section 194A-No TDS will be deducted under section 194-A, on interest income from Saving/FD’s/RD’s etc. from Banks, Co-operative societies engaged in banking business or post offices up to the amount of Rs. 50,000 during any financial year to resident senior citizens. Example. Bank interest of Rs 10,000 WebJun 20, 2024 · 80TTB of Income-tax Act, 1961 – Deduction in respect of interest on deposits in case of senior citizens. Section 80TTB is also drafted in a simple language and the same reads as under: 80TTB. (1) Where the gross total income of an assessee, being a senior citizen, includes any income by way of interest on deposits with— magnesium phosphate dibasic trihydrate