Web19 Nov 2024 · Section 80TTA provides a deduction of Rs 10,000 on interest income. This deduction is available to an Individual and HUF. This deduction is allowed on interest earned – From a savings account with a bank From a savings account with a co-operative society carrying on the business of banking From a savings account with a post office Web21 Mar 2024 · Section 80TTB – Interest Income Interest on deposits for senior citizens is deductible. In Budget 2024, a new section 80TTB was introduced, allowing deductions for …
Income tax Deductions FY 2024-23: Useful for Tax Planning
Web3 Feb 2024 · Certain Exemptions and Deductions (such 80C, 80D, 80TTB, and HRA) available under the Existing Tax Regime will not be available to the taxpayer choosing concessional rates under the New Tax Regime. ... Interest on Savings Account Section 80 TTA Deduction from Gross Total Income for Interest on Savings Bank Account. If you are … Web13 Apr 2024 · Other deductions under Section 80TTA, 80TTB, 80D, 80U, etc. The old tax regime promotes tax-saving investments to help reduce your tax liability. The new tax regime disallowed tax benefits on investments and was unpopular. However, with the changes brought in by the Union Budget 2024, the new regime does not require tax-saving … hawaii low maintenance home
Is standard deduction applicable to pensioners? Answers to your ...
Web1 Jan 2024 · Section 80TTB of the IT Act provides every senior citizen, a deduction for an income which is in the nature of interest on deposits with a specified banking company or a co-operative society... Web23 Jul 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 … Web1 Feb 2024 · (iv) Deduction available under section 80TTA/80TTB will not be available to the taxpayers. Abhishek Soni, CEO & founder, Tax2win.in says, "As Section - 80TTA and … bose invisible speakers wall mount