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Income Tax Exemption On Fixed Deposit Interest For Senior Citizens
Income Tax Exemption On Fixed Deposit Interest For Senior Citizens -
Section 80TTA of the Income Tax Act 1961 provides a deduction of up to Rs 10 000 on the income earned from interest on savings made in a bank co operative society or post
Fixed Deposit Income Tax Deduction available under Section 80TTB According to Section 80TTB of the Income Tax Act senior citizens can avail of a
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Fixed Deposit FD Interest Rates For Senior Citizens In Post Office
Fixed Deposit FD Interest Rates For Senior Citizens In Post Office
Senior citizens or those who are of 60 years or older can get a tax deduction of up to Rs 1 5 lakh under Section 80C of the Income tax Act 1961 They can also
Individuals below the age of 60 can enjoy tax exemption on the initial Rs 40 000 of interest income Senior citizens aged 60 and above receive tax free treatment
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Tax On Fixed Deposit Interest Rates
Tax On Fixed Deposit Interest Rates
If you are a senior citizen i e aged 60 years or above you can claim a deduction on the fixed deposit interest under Section 80TTB of the Income Tax Act
Whether it s a cumulative FD where interest is paid at maturity or a non cumulative FD where interest is paid periodically tax is applicable on the interest income of your fixed
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