Web3 Oct 2024 · Deduction under Section 80TTA is not allowed on interest earned on time deposits such as fixed deposits or recurring deposits. The maximum deduction allowed under Section 80TTA is limited to Rs 10,000. What is … 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 …
Section 80TTA and Section 80TTB: Saving tax on interest income
WebInterest from SBI FD a/c – Rs. 20,000. Answer: Total Interest Income – Rs.42,000. Total Eligible tax deduction for senior citizen under section 80TTB – Nil. Total Eligible deduction under section 80TTA – Rs.10,000. Note : Section … Web4 Jan 2024 · In the case of senior citizens, a tax deduction is payable for interest earned on fixed and post office deposits under Section 80TTB. This deduction is applicable to taxpayers other than those who are senior citizens. The maximum deduction under section 80TTA is Rs. 10,000. The limit of Rs. 10,000 applies to the total interest earned from the ... philmont scout ranch job application
Opting for new tax regime? Here are a few deductions you can and …
Web2 Aug 2024 · A. Standard deduction is available for pension received from your old employer to the extent of ₹50,000 per year. Deduction under Section 80TTB is allowed for all senior … WebDeposits in the scheme are not eligible for deduction under Section 80C. 9. The interest earned is not exempt from tax, but a senior citizen can claim a deduction under Section 80TTB from such ... WebSection 80CCD offers income tax deductions for all NPS or National Pension Scheme contributions. The maximum deduction individuals can claim from this section is 10% for salaried individuals and 20% of total gross income from the self-employed. ... Section 80TTB of the Income Tax Act gives senior citizens above 60 years of age the flexibility ... philmont scout ranch facts