WebSection 80TTA: Section 80TTB: Introduced on : It is in effect from the assessment year of 2013-14. It is in effect from the assessment year of 2024-20. Beneficiary : HUFs and individuals can avail the deductions allowed under Section 80TTA. Only senior citizens can avail the deductions made available under 80TTB. Qualified sources WebAug 3, 2024 · Section 80TTA is also known as a deduction in respect of interest on deposits in a savings account. As long as the total amount of interest seeking exemption is less than or equal to Rs 10, 000, no tax will have to be paid. Q - Can I avail of deductions under section 80TTA on bank fixed deposits & recurring deposits?
Salaried Individuals for AY 2024-23 Income Tax Department
WebMay 28, 2024 · A Detailed Explanation about the Deduction u/s 80TTA of the Income Tax Act. This video will help you gain a better understanding about the Deduction available on Interest on Bank … WebFeb 14, 2024 · Section 80TTA of the Income Tax Act was introduced in order to allow a deduction of up to INR 10,000 on such interest. Who can claim 80TTA deduction? … how to massage balls
Section 80TTA How You Can Claim Tax Deduction
WebMar 6, 2024 · Savings Account interest is taxable at your slab rate. However interest up to Rs 10,000 is exempt from tax under Section 80TTA. This tax-exempt limit is Rs 50,000 for senior citizens under Section 80TTB. No TDS is deducted on savings account interest. For NRIs, tax is deducted at source (TDS) at 30% on interest on Non-resident Ordinary (NRO ... WebFeb 3, 2024 · Sec. 80TTA- Savings bank & post office A/c. interest. Schedule 80G- If you have contributed to any charitable trust or fund, you need to enter details here. Enter the name of the trust, full address, PAN of trust and amount of donation. This schedule is bifurcated into 3 sections as- WebFeb 27, 2024 · Section 80TTA of the Income Tax Act grants a deduction on savings account interest up to Rs 10,000 per annum. It applies to all individuals and HUFs other than senior … how to massage a woman chest muscles