WebThe taxpayer opting for concessional rates in the New Tax Regime will not be allowed certain Exemptions and Deductions (like 80C, 80D,80TTB, HRA) available in the Existing Tax Regime. For Individual (resident or non-resident) less than 60 years of age anytime during the previous year: WebAug 10, 2024 · This is, the interest income earned from a savings account either from a bank, post office or co-operative society carrying business for the bank is eligible for deduction under section 80TTB. The only difference which is the biggest difference is that under section 80TTA, the maximum amount available for deduction is INR 10,000.
Income Tax Deduction Section 80TTA & Section 80TTB
WebIncome from INR 10 lakhs to INR 12.5 lakhs. 20%. Income from INR 12.5 lakhs to INR 15 lakhs. 25%. Income above INR 15 lakhs. 30%. Basically, the new tax regime removes most of the (around 70) types of exemptions as well as deductions provided under the Income-tax Act, 1961 and makes it simple for taxpayers to calculate tax along with giving the ... WebMar 16, 2024 · The tax deduction under Section 80TTB is only reserved for interest income earned on fixed deposits, savings accounts in a bank or post office. Amount of deductions available under 80TTB The amount of deduction under Section 80TTB is limited at Rs. 50,000. However, deductions can be made for multiple savings accounts or fixed … tme bowel
Income tax Deductions FY 2024-23: Useful for Tax Planning
WebAs per Section 80TTB, a resident tax paying senior citizen, who is 60 years of age and above during the financial year, can make tax deduction claims of up to ₹50,000. The … WebMar 5, 2024 · 80TTB is a new income tax act that was introduced in budget 2024-19 under the Income-tax Act, 1961. As part of this new act, the super senior and senior citizens in India can claim tax deduction of up to 50,000 rupees on their interest income that they earn in a single year. 80TTB act permits the senior citizens above the age of 60 years and ... Web*BUDGET 2024- IMPLICATIONS FOR SENIOR CITIZENS* *1) Old Tax regime to Continue and it is optional*. *2) If no option is given, by default a new Tax regime will be applicable.* *3) No Change in old tax regime rates.* *4) The New Tax Regime-Standard deduction is now allowed for Pensioners/Salary class.* *5) No other Concession /deduction like Sec … tme brain disorder