Web26 Dec 2024 · The deduction under this section is allowed on the lowest of the three conditions, which will be ₹ 60,000: a) At least 25% of the total income, excluding any capital gains. This will be ₹ 1.5 lakh on an annual income of ₹ 6 lakh. c) Or ₹ 60,000. 7) Tax savings on interest earned from savings bank account under Section 80TTA: WebUnder the new income tax regime, the amount of the rebate under Section 87A for FY 2024-24 (AY 2024-25) has been modified. A resident individual with taxable income up to Rs …
Section 80TTA: Claim Tax Deduction on Savings Account Interest …
Web20 Jun 2024 · Section 80TTB is made applicable from AY 2024-20 whereas 80TTA is operative from AY 2013-14. 4. Section 80TTA is on Interest on Savings account whereas Section 80TTB is on Interest on Savings account & Fixed Deposits 5. Section 80TTA offers deduction up to Rs. 10,000/- whereas Section 80TTB offers deduction up to Rs. 50,000/ … Web18 Feb 2024 · Section 80TTB of the Income Tax Act allows tax benefits on interest earned from deposits with banks, post office or co-operative banks. The deduction is allowed for a maximum interest income of up to ? 50,000 earned by the Senior Citizen (60 Plus less than 80 years). Is this allowed un der FY2024-23 under new Regime uipath core image
Deduction Under Section 80CCD of Income Tax - ET Money
Web7 Jul 2024 · Section 80TTB provides deduction benefit on interest income for senior citizens. As compared to Sec 80TTA which provides deduction only on interest on saving deposits, Sec 80TTB provides interest deduction on all type of deposits to senior citizens. WebResident senior citizens can only avail Section 80TTB benefits; 80TTA and 80TTB only applies to the interest income and not on the principal amount. Interest income from non … WebDeductions on interest received from Savings Account under Section 80TTB and 80TTA Deductions on professional tax and entertainment allowance (applicable for government employees) Deduction of ₹ 15,000 from family pension as … uipath costos