WebFeb 2, 2024 · This deduction can be claimed under new Section 80TTB. However, no deductions under existing 80TTA can be claimed if 80TTB tax benefit has been claimed (the limit for FY 2024-18 & FY 2024-19 u/s 80TTA is Rs 10,000). Section 80TTA of Income Tax Act offers deductions on interest income earned from savings bank deposit of up to … WebFeb 9, 2024 · The 80TTB deduction provides a higher deduction for senior citizens. The 80TTA and 80TTB deductions are not applicable in the new tax regime, and taxpayers have to forego these deductions if they opt for the new tax regime. Before making a decision, it is important to consult a tax expert and consider the implications of giving up …
Difference between Section 80TTA & Section 80TTB of Income Tax
WebApr 13, 2024 · Other deductions under Section 80TTA, 80TTB, 80D, 80U, etc. The old tax regime promotes tax-saving investments to help reduce your tax liability. The new tax regime disallowed tax benefits on investments and was unpopular. However, with the changes brought in by the Union Budget 2024, the new regime does not require tax … WebDEDUCTIONS FROM GROSS TOTAL INCOME 11.87 as patentee in respect of that patent, the deduction allowed during the period shall be deemed to have been wrongly allowed and the assessment shall be rectified under the provisions of section 155. The period of 4 years for rectification shall be reckoned from the end of the previous year in which the order of … maudsley coaches
80TTB Deduction for AY 2024-23 - Taxmani
WebFeb 19, 2024 · The deductions under Section 80TTA are quite similar to Section 80TTB but with some minor differences. Section 80TTA allows for deductions if the interest earned … Web2 hours ago · No deductions are available for income earned from FD for the general public. On the other hand, senior citizens can claim a deduction under 80C on FD deposits and can avail of a deduction on interest earned from FD of up to Rs 50,000 under section 80TTB of the Income Tax Act. Catch the latest stock market updates here. WebDec 5, 2024 · 80TTB Deduction for AY 2024-23. December 5, 2024 by Taxmani. 80TTB Deduction is a tax deduction given to senior citizens on the interest earned. The interest may be in the form of interest on a savings account or fixed deposits. The maximum amount of Deduction under section 80TTB is Rs 50,000. Key Points. heritage lake association