WebAug 17, 2024 · Section 80TTB provides relief to only resident senior citizens. No such restriction under Section 80TTA. Either Section 80TTA or Section 80TTB As you can see, … 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.
What is Section 80TTA of Income Tax Act? - Digit Insurance
WebNov 25, 2024 · Section 80TTA of the Income Tax Act, 1961 addresses the tax deductions for interest payments. Interest on savings accounts maintained by individuals (excluding … WebMar 19, 2024 · - Any investment in a tax-saving FD for five years or more can be claimed as a deduction under Section 80C of the Income Tax Act. - Banks don’t cut TDS on interest if an investor files Form 15G or 15H. - Taxpayers can claim a deduction on a Fixed Deposit Receipt (FDR) under 80TTB of up to Rs 50,000. - FDR also provides easy liquidity. boiling point of different alcohols
The new tax regime reduces tax rates at the cost of tax-free ...
WebApr 13, 2024 · If your income is more than Rs. 5 lakhs, you can use tax-free investments to reduce it and bring it within the rebate limit. Here are the deductions available: Up to Rs. 1.5 lakhs under Section 80C; Additional up to Rs. 50,000 under Section 80CCD (1B) Other deductions under Section 80TTA, 80TTB, 80D, 80U, etc. WebOct 16, 2024 · Section 80TTB for Senior citizen. Section 80TTB is the new amendment introduced in the budget 2024 for the senior citizen. Senior citizens can avail the benefit of interest income u/s 80TTB up to ₹ 50000 on all kinds of interest income. Let us consider the following incomes for a senior citizen: Interest on bank deposits (savings or fixed). WebIncome and Tax Calculator; Deferred Tax Calculator; Tax Calculator; Advance Tax Calculator; TDS Calculator; Tax Calendar; Legal Maxim; Tax Charts & Tables Deductions; … glow germ handwashing