Take Income Tax Benefit Under Section 80TTB AY 2020-21

Section 80TTB Section 80TTB AY 2020-21 is for senior and super senior citizens. And under this section bank will not deduct your TDS upto rs. 50,000.

How To Show Interest Income In ITR

When you file your ITR-1,you should put interest income under 80TTB column and at the same time the same amount  be entered in Income From other Sources head.

Read also:

Additional income tax deduction under section 80CCD(1B)AY 2020-21)

If Interest Income Is > 50,000

In case your income from other sources like FD interest etc.. is more than 50,000 then Bank will deduct TDS 10% of that specific  income.

80TTA VS 80TTB

Section 80TTA is for salaried employees  and 80TTB for senior citizens.

Hence if you are senior citizen then you can only take tax deduction under 80TTB only.

And in case you are salaried employee, you can only take income tax deduction  under 80TTA only.

Examples

Suppose you are senior citizen.And your income from other Sources is rs. 50,000,then you can take only deduction of rs  50,000 under  80TTB income tax section.

Similarly,if you are salaried employee, you can take maximum  deduction of rs. 10,000 u/a 80TTA.

Conclusion

Finally we can say you can not take deduction  under the two sections at the same time.

Hence, under  80TTB,you can take maximum rs 50,000 deduction And under this section you can take rs 10,000 deduction.

Kuldeep Singh
 

is a professional blogger,teacher and income tax expert

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