![]() As a result, the maximum for TDS deduction under Section 194A for older citizens has been enhanced to Rs. Section 80TTB provides a deduction of up to Rs 50,000 for interest income earned on deposits held by resident senior people (age 60 or more) with a banking firm, a post office, a co-operative, a society engaged in the banking business, and so on. Section 80TTB – Interest From Deposits Held by Senior Citizens Section 80TTA deduction is not available on the interest income from fixed deposits, recurring deposits, or interest income from corporate bonds. Do include the interest from a savings bank account in other income. If you are an individual or a HUF, you may claim a deduction of a maximum Rs 10,000 against interest income from your savings account with a bank, co-operative society, or post office. Section 80TTA – Interest on Savings Accounts (partial withdrawal allowed when she reached 18 years) A quick comparison of the options is tabulated below: Section 80C Deductions List Investment optionsĥyears (can be extended for other 3 years) They not only help you with saving taxes but also help you grow your money. Here are some investment options that are allowed as deduction u/s 80C. Payments paid to government-sponsored plans such as the National Pension System, the Atal Pension Yojana, and others.Įmployer’s contribution towards NPS (up to 10%, comprising basic salary and dearness allowance, if any) Payment made towards pension plans, and mutual funds. Payments made towards life insurance premiums, Equity Linked Saving Schemes, payments made towards the principal sum of a home loan, SSY, NSC, SCSS, and so on.
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