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The income tax department appeals to taxpayers not to respond to such e mails and not to share information relating to their credit card bank and other financial accounts.
Section 80tta income tax india. The income tax department never asks for your pin numbers passwords or similar access information for credit cards banks or other financial accounts through e mail. The deduction is restricted to rs 10 000 or actual interest whichever is lower. The finance budget 2018 introduced section 80ttb which provides a tax relaxation on interest income for the senior citizens of india.
The income tax department never asks for your pin numbers passwords or similar access information for credit cards banks or other financial accounts through e mail. The tax exemption from interest income in savings account is limited up to 10 000 per annum. Section 80ttb of the income tax act provides a deduction to a senior citizen in respect of interest income earned on deposits with a bank or a co operative society or a post office.
Under this section the deduction is allowed on interest earned from savings bank account co operative society saving the account and post office savings account. The salient features of section 80tta include. Section 80tta offers a deduction of inr 10 000 on income earned through interest.
Section 80tta is introduced to provide deduction to an individual or a hindu undivided family in respect of interest received on deposits not being time deposits in a savings account held with banks cooperative banks and post office. According to section 80tta tax deduction for interest on deposits in a saving account with a bank or banking companies to which banking regulation act 1999 applies co operative society engaged in carrying on the business of banking post offices can be claimed up to a maximum limit of rs 10 000. The maximum amount of deduction available in inr 50 000.
As per the income tax act a senior citizen is one who is a resident individual of age 60 years or above at any time in the relevant financial year. This deduction is for the savings accounts held by individuals and hindu undivided family huf a person can have multiple savings accounts with different banks. The section 80tta provides a deduction of rs 10 000 on interest income to an individual and hindu undivided family huf.
Exemption sought should be less than rs 10 000. The income tax department appeals to taxpayers not to respond to such e mails and not to share information relating to their credit card bank and other financial accounts.
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