Senoir citizen (born July 1959 ) with income from other sources (all from bank FD /SB interest) close to Rs 685,000.
Already opened SCSS in Dec2019 for Rs 150000.
On Checking in 2 Tax calculators available in market none is applying the 80TTB reduction of Rs 50k .
I dont have any othe eligible reductions like NPS ,Medical insurance etc.
Bringing the the income below Rs 5 lakh will make me eligible for 87A discount. but calculator is not applying the 80TTB Rs 50k & showing taxable income 685000 less 80c Rs 150000 equal 535000 and showing tax due around 2oooo+
What Iam missing ? (I have given the exact dob in calculator )
I could buy medical insurance or make a payment in NPS say up to Rs 50,000 if I feel I can push y income below 5 lakhs & pay no tax.
CAclubindia
