Budget 2018 in conjunction with several changes to tax laws additionally introduced a replacement Section 80TTB. per this grownup will claim tax exemption up to Rs 50,000 on interest financial gain from bank/ post workplace fastened deposit, continual deposit or bank account. Also, if a grownup opts to require advantage of Section 80TTB, he cannot claim any tax break u/s 80TTA. Non-senior voters and HUFs aren't eligible for 80TTB exemption. but Non-senior voters will still avail the tax break offered below section 80TTA, wherever interest financial gain up to Rs 10,000 from the bank account is tax exempted.
Download Automated Master of Form 16 Part B for Financial Year 2018-19 which can prepare at a time 100 Employees Form 16 Part B for F.Y. 2018-19
So, going forward from FY 2018-19 (AY 2019-20) there's NO amendment for individuals below the age of 60 whereas for Senior voters they get further tax exemption for the interest financial gain. in addition just in case of Senior voters the edge for TDS (Tax Deduction at Source) on interest financial gain has been raised from Rs 10,000 to Rs 50.000 from FY 2018-19.
Section 80TTB Vs 80TTA:
Section 80TTA |
Section 80TTB
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Eligibility
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Available for all taxpayers. However, if Senior citizens opt for 80TTB, they cannot take 80TTA advantage
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Only Senior Citizens can avail
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Tax Exemption
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Up to Rs 10,000 exemption
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Up to Rs 50,000 exemption
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Eligible Income
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Only interest income in a savings account is considered (both Post office & bank account are eligible)
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Interest income from Fixed Deposit, Recurring Deposit and Savings Account in Banks or Post Office is eligible
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