WebMar 15, 2024 · Section 80TTB is a recent amendment that offers a deduction for senior citizens on interest earned from deposits. This section was introduced in the Finance Act … WebYour average tax rate is 25.8% and your marginal tax rate is 35.0%. This marginal tax rate means that your immediate additional income will be taxed at this rate. For instance, an …
Section 80TTB: Deductions for senior citizens under Income Tax Act
WebOct 16, 2024 · Section 80TTB for Senior citizen. Section 80TTB is the new amendment introduced in the budget 2024 for the senior citizen. Senior citizens can avail the benefit of interest income u/s 80TTB up to ₹ 50000 on all kinds of interest income. Let us consider the following incomes for a senior citizen: Interest on bank deposits (savings or fixed). WebApr 11, 2024 · Under section 80TTA, you can deduct 15% of the cost of the asset from the taxable income. Whereas under section 80TTB, you can deduct 20% of the gain realized by selling the asset. If you sell an asset worth ₹10lakh, then you will get ₹2lakh after paying tax. Under section 80TTA, the tax paid on ₹2lakh will be ₹0.15lakh 15% of ₹2lakh. black and white fendi sneakers
Section 80TTA of Income Tax Act (2024 Guide)
Web3 rows · Jul 27, 2024 · Meaning, eligibility, quantum of tax benefit, exception etc for the FY 2024-24 (AT 2024-25) FY ... WebMar 9, 2024 · The deduction under section 80TTB is available up to a maximum of Rs 50,000 in a financial year. This means that a senior citizen can claim a deduction of up to Rs 50,000 on the interest income earned from savings account deposits or fixed deposits. It is important to note that the deduction is available only on the interest income earned and ... WebFeb 12, 2024 · Interest income earned from all kinds of deposits will be eligible for deduction under section 80TTB. There is no specific exclusion of interest from term deposits like in section 80TTA. Hence, interest income earned from fixed deposits/recurring deposits/term deposits will be eligible for deduction under section 80TTB. black and white fendi belt