In CBODT Circular No 01/2019 dated 01-01-2019, it is mentioned as below :Section 80TTB introduced from Financial Year 2018-19 allows a deduction up to Rs. 50,000 in respect of interest income from deposits held by senior citizens from his gross total income if it includes any income by way of interest on deposits (not being time deposits) in a savings account, a deduction amounting to: (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. But as per Sec 80 TTB it was mentioned only as DEPOSITS.( which may mean both Savings and time deposits). If it is only for Savings account, why a separate exclusive Sec 80TTB was introduced ?
2 Replies
CA Varun Khasia
(CA)
(198 Points)
Replied 19 January 2019
Circular cannot override Income Tax Act. Sec.80TTB is applicable for both saving and time deposits.
PUSHP KUMAR SAHU
(CA FINAL ASPIRANT)
(3115 Points)
Replied 19 January 2019
Agreed with CA Varun Khasia sir
Recent Topics
- Reporting in gstr9 of ITC of Previous year reverse
- Tax on Reimbursement of House Rent
- MAHARASHTRA CHARITY COMMISSIONER WEBSITE
- Explanation 3 to section 11(1) read with section 4
- Ammendment in Partnership On Death of Partner and
- TDS Provisions applicability Tax Audit Individual
- NAME CHANGE OF HUF
- Advisory for Reporting TDS Deducted by scrap Deale
- Section 194 J Technical Service/Professional Servi
- Solving of Export Related Problems
Related Threads
CAclubindia
