Deduction Under SECTION 80TTB | Interest Income To Senior Citizen | Income Tax Act

Namaskar Dosto, Aaj ke is video me hum log Section 80ttb joki Finance Budget 2018 se introduce hua hai senior citizens ko Rs.50000 tak interest ka deduction dene ke liye. Isi ko hum log bare act se analyse karenge aur saath me Section 80tta me aaye hue amendment ko bhi cover karenge.
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Finance Bill, 2018; PDF:

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Amendment of section 80TTA: In section 80TTA of the Income-tax Act, in sub-section (1), in the opening portion, after the word “assessee”, the brackets, words, figures and letters “(other than the assessee referred to in section 80TTB)” shall be inserted with effect from the 1st day of April, 2019.

“Deduction in respect of interest on deposits in case of senior citizens”
Insertion of new section 80TTB: After section 80TTA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2019, namely:—
Section 80TTB. (1) Where the gross total income of an assessee, being a senior citizen, includes any income by way of interest on deposits with—
(a) a banking company to which the Banking Regulation Act, 1949, applies (including any bank or banking institution referred to in section 51 of that Act);
(b) a co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank or a co-operative land development bank); or
(c) a Post Office as defined in clause (k) of section 2 of the Indian Post Office Act, 1898,
there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction—
(i) in a case where the amount of such income does not exceed in the aggregate fifty thousand rupees, the whole of such amount; and
(ii) in any other case, fifty thousand rupees.
(2) Where the income referred to in sub-section (1) is derived from any deposit held by, or on behalf of, a firm, an association of persons or a body of individuals, no deduction shall be allowed under this section in respect of such income in computing the total income of any partner of the firm or any member of the association or any individual of the body.
Explanation.—For the purposes of this section, “senior citizen” means an individual resident in India who is of the age of sixty years or more at any time during the relevant previous year.’.

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