Union Budget 2018-19: 80TTB Allow Deduction upto Rs 50,000, interest income from deposits held by senior citizens, No TDS..! - MYREALITY.In, Real Estate, Share Market, Mutual Fund, Insurance
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Tuesday, February 06, 2018

Union Budget 2018-19: 80TTB Allow Deduction upto Rs 50,000, interest income from deposits held by senior citizens, No TDS..!

Union Budget 2018-19:  80TTB Allow Deduction upto Rs 50,000, interest income from deposits   held by senior citizens, No TDS..!

At present, a deduction upto Rs 10,000 is allowed under section 80TTA to an assessee in respect of interest income from savings account. 

It is proposed to insert a new section 80TTB so as to allow a deduction upto Rs 50,000- in respect of interest income from deposits (Bank Saving Accounts, FD and RD)  held by senior citizens.

 However, no Tax deduction (TDS) under section 80TTA shall be allowed in these cases.

Union Budget 2018-19: 80TTB Allow Deduction upto Rs 50,000, interest income from deposits held by senior citizens, No TDS..! Reviewed by S. Chitra on February 06, 2018 Rating: 5 Union Budget 2018-19:  80TTB Allow Deduction upto Rs 50,000, interest income from deposits   held by senior citizens, No TDS..! At present...

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