October 23, 2020

Itax Software

Income Tax Software

Download Automated Income tax Master of Form 16 Pat B which can prepare at a time 100 Employees for F.Y. 2018-19 With The New Section 80TTB: Senior Citizens can Save Tax on their Interest Income

Budget
2018 in conjunction with several changes to tax laws additionally
introduced a replacement Section 80TTB. per this grownup will claim tax
exemption up to Rs 50,000 on interest financial gain from bank/ post
workplace fastened deposit, continual deposit or bank account. Also, if a
grownup opts to require advantage of Section 80TTB, he cannot claim any
tax break u/s 80TTA. Non-senior voters and HUFs aren’t eligible for
80TTB exemption. but Non-senior voters will still avail the tax break
offered below section 80TTA, wherever interest financial gain up to Rs
10,000 from the bank account is tax exempted.

Download
Automated Master of Form 16 Part B for Financial Year 2018-19 which can
prepare at a time 100 Employees Form 16 Part B for F.Y. 2018-19

So,
going forward from FY 2018-19 (AY 2019-20) there’s NO amendment for
individuals below the age of 60 whereas for Senior voters they get
further tax exemption for the interest financial gain. in addition just
in case of Senior voters the edge for TDS (Tax Deduction at Source) on
interest financial gain has been raised from Rs 10,000 to Rs 50.000 from
FY 2018-19.

Section 80TTB Vs 80TTA:


Section 80TTA
Section 80TTB
Eligibility
Available for all taxpayers. However, if Senior citizens opt for 80TTB, they cannot take 80TTA advantage
Only Senior Citizens can avail
Tax Exemption
Up to Rs 10,000 exemption
Up to Rs 50,000 exemption
Eligible Income
Only interest income in a savings account is considered (both Post office & bank account are eligible)
Interest income from Fixed Deposit, Recurring Deposit and Savings Account in Banks or Post Office is eligible

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