TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Senior Citizens Can Claim Tax Deduction on Interest Income up to 50,000 Under Section 80TTB from April 2019.</h1> Section 80TTB, introduced by the Finance Act, 2018, provides a tax deduction for senior citizens on interest income from deposits. Effective April 1, 2019, senior citizens can claim a deduction on interest from deposits with banks, cooperative societies, or post offices. If the interest income does not exceed fifty thousand rupees, the entire amount is deductible; otherwise, the deduction is capped at fifty thousand rupees. This deduction is not applicable to income from deposits held by firms, associations, or bodies of individuals. A senior citizen is defined as an Indian resident aged sixty years or above during the relevant year.
TaxTMI 
TaxTMI 
