Section 80 TTB deduction | With Automated Income Tax Preparation Software in Excel for the Non-
Govt Employees for the F.Y.2022-23
Section 80 TTB deduction | In Budget 2018, the new Section 80 TTB has been introduced into the Income Tax Act. The new section provides tax exemption to appraisers in place of the existing 80TTA exemption section. Under section 80TTB exemption, senior citizens can claim income tax exemption of up to Rs. 50,000/- on interest income earned. The introduction of Section 80 TTB makes it possible to claim special benefits for older people who are largely dependent on interest income for their expenses after retirement.
Eligibility for Section 80 TTB Waiver
Section 80 TTB Deduction of Income Tax Act, 1961 applies only to senior citizens residing in India. Under the Income Tax Act, an elderly person is defined as someone who has attained the age of 60 at any time during the financial year. Minors and HUFs are not eligible for exemption under Section 80 TTB. Even if the interest income arises from deposits held by a company or in the name of a company, association of persons or body of persons with the former, the deduction under section 80 TTB will not apply.
Amount of exemption under Section 80 TTB
Deduction of up to INR 50,000/- is available on income earned on interest on bank savings deposits, fixed/recurring deposits, and interest earned on deposits with a cooperative company having bank and post office deposits. If the deduction is claimed under Section 80 TTB, the provisions of Section 80 TTA do not apply to senior citizens. The provisions of Section 80 TTB will come into effect from 1 April 2018, ie. deduction is available for senior citizens beginning in the 2018-2019 fiscal year. In addition, in the case of seniors, the threshold for deduction of withholding tax (TDS) on interest income has been increased from INR 10,000 to INR 50,000.
Section 80 TTB Income Tax Law
Section 80TTB is entitled to. (1) When the gross income of a shareholder, who is an adult, includes all income
Through interest on deposits in—
(a) A co-operative society attached to the business of banking;
(Also land mortgage cooperative bank or land development cooperative bank) ; either
(b) a post office as defined in clause (k) of section 2 of the Indian Postal Act, 1898 (6 of 1898),
Is permitted, in accordance with and in accordance with the provisions of this article,
When computing the total income of the assessee, the deduction
(i) If the total sum does not exceed fifty thousand rupees,
The totality of the amount; and
(ii) Other case fifty thousand rupees.
(2) Where the income referred to in paragraph (1) is derived from any investment,
Or on behalf of, a company, society or association, no deduction shall be allowed
Under this section in respect of such income when computing the total income of a member of the company or
Community member or community member.
Description. For the purposes of this section, "senior citizen" means a natural person residing in India
Who turned 60 or older at any time in the previous year mentioned?
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