Income Tax : The note highlights gaps in existing tax provisions affecting families, seniors, and small investors. It suggests targeted reforms...
Income Tax : Know the differences between Sections 80TTA and 80TTB of the Income-tax Act. Learn eligibility, deduction limits of Rs.10,000 and ...
Income Tax : Summary of exclusive tax benefits for resident senior citizens (60+ years) and super senior citizens (80+ years), including enhanc...
Income Tax : Learn about key deductions under Section 80 for Income Tax Returns (ITR) filing. Explore benefits, limits, and eligibility criteri...
Income Tax : Explore top tax-saving options beyond Section 80C for FY 2023-24, including NPS, health insurance premiums, medical expenses, home...
Income Tax : In Circular No.1/2019 dated 1st January, 2019 on the above-mentioned subject, the provisions of section 8OTTB were inadvertently n...
General Exemptions & Deductions available for salaried employees for FY 2018-19 i.e. AY 2019-20 includes House Rent Allowance, Interest on Home Loan, Standard Deduction and Chapter VI-A deductions which includes- Section 80C, Section 80CCC – Pension Funds, Section 80CCD – National Pension Scheme (NPS), Section 80CCE, Section 80D – Medical Insurance, Section 80DD – Maintenance […]
Based on my interaction with most of the salaried people, I have gathered an impression that many of the salaried people feel that as the tax has already been deducted by their employer from their salary, they are not required to file any ITR. Likewise most of the retired people, who mainly survive on interest […]
Are you an *NRI (defined at the end), then you should know few provisions of Indian Income Tax Act which treat NRIs differently from resident Indians. I have tried to articulate few provisions of Income Tax Act, which makes tax implication on residents Indian and NRIs different: 1.For Residents, their global income is taxable while […]
In Circular No.1/2019 dated 1st January, 2019 on the above- mentioned subject, the provisions of section 80TTB were not correctly explained in para 5.5.12 of the circular. In the said circular, it is written that, Interest on deposits (Not being the time deposit) i.e. Interest on saving deposit would be allowed to be deducted in […]
In Circular No.1/2019 dated 1st January, 2019 on the above-mentioned subject, the provisions of section 8OTTB were inadvertently not correctly explained in para 5.5.12 of the circular. The correct position of the admissibility of deduction under section 8OTTB is provided as under:-
Section 80TTB introduced from Financial Year 2018-19 allows a deduction up to Rs. 50,000 in respect of interest income from deposits held by senior citizens from his gross total income if it includes any income by way of interest on deposits (not being time deposits) in a savings account, a deduction amounting to:
New section 80TTB to allow a deduction upto Rs 50,000/- in respect of interest income from deposits held by senior citizens. However, no deduction under section 80TTA shall be allowed in these cases.
