Is 80tta part of 80c?
The additional income in this respect will be subject to income tax.
The tax deduction under Section 80TTA is over and above the deduction of ₹ 1.5 lakhs, which is deducted under Section 80C.
No Tax Deduction at Source (TDS) for savings accounts held by individuals and HUFs..
Can 80tta and 80ttb be claimed both?
How much amount of FD interest is tax free?
Senior citizens receiving interest income from fixed deposits, savings account and recurring deposits can avail income tax deduction of up to Rs 50,000 annually. This is a flat deduction available to them over and above the benefits that they may have if their total income does not exceed the taxable threshold.
What is difference between 80tta and 80ttb?
Relief under Section 80TTA is limited to savings accounts while Section 80TTB covers both savings account and fixed deposit accounts. Relief under Section 80TTA available to individuals and HUF. Section 80TTB provides relief to only individuals. Section 80TTB provides relief to only resident senior citizens.
What is Section 80ttb of Income Tax Act?
Section 80TTB is one such deduction introduced by the Government of India in the recent past. … Under Section 80TTB of Income Tax Act, senior citizens above the age of 60 are eligible to avail tax deductions up to INR 50,000, which are applicable on the interest income earned during a particular financial year.
How do I claim deduction under 80ttb?
Only a senior citizen can claim deduction under section 80TTB. Interest income earned on a savings account. It doesn’t include fixed deposits interest or recurring deposits interest….Deduction under section 80TTB of Income Tax Act.1.Deduction under section 80C of Income Tax Act18.Deduction under section 80U of Income Tax Act16 more rows•Oct 4, 2019