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Interest Exemption Limit For Senior Citizens
Interest Exemption Limit For Senior Citizens -
The exemption however doesn t apply to retirement plan benefits you receive based on your age length of service or prior contributions to the plan even if you retired because of an occupational sickness or injury
Senior citizens can benefit from Section 80TTB introduced in Finance Budget 2018 allowing a deduction of up to Rs 50 000 on specified interest income The section is applicable for resident senior citizens aged 60 or above from April 1 2018 and excludes interest from other sources like bonds
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Home Loan Interest Tax Exemption Limit 2019 20 Home Sweet Home
Home Loan Interest Tax Exemption Limit 2019 20 Home Sweet Home
Section 80TTB is a section that deals with the interest deduction for senior citizens Under this section senior citizens can claim a deduction of upto Rs 50 000 interest on income earned from various types of deposits
In the new regime however both senior and super senior citizens get 2 5 lakh as basic exemption limit just like a regular taxpayer
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Where to Find more Interest Exemption Limit For Senior Citizens
Union Budget 2023
Union Budget 2023
The government raised the ceiling beyond which TDS is applicable on interest income from Rs 10 000 to Rs 50 000 in case of senior citizens This will mean that the bank or the post office will not deduct tax on interest income of up to Rs 50 000 on FDs RDs Post office Schemes like MIS Senior Citizen Savings Scheme KVP NSC etc
In the new tax regime Interest on borrowed capital for Self occupied property is not allowed as a deduction from Income from House property as per the provision of Section 115BAC of the Act 1961
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https://cleartax.in/s/section-80ttb
Senior citizens can benefit from Section 80TTB introduced in Finance Budget 2018 allowing a deduction of up to Rs 50 000 on specified interest income The section is applicable for resident senior citizens aged 60 or above from April 1 2018 and excludes interest from other sources like bonds
https://cleartax.in/s/income-tax-slab-for-senior-citizen
Yes the interest earned on Senior Citizen Savings Scheme is eligible for deduction up to Rs 50 000 under Section 80TTB
Senior citizens can benefit from Section 80TTB introduced in Finance Budget 2018 allowing a deduction of up to Rs 50 000 on specified interest income The section is applicable for resident senior citizens aged 60 or above from April 1 2018 and excludes interest from other sources like bonds
Yes the interest earned on Senior Citizen Savings Scheme is eligible for deduction up to Rs 50 000 under Section 80TTB
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