Till now for TDS deduction for bank interest in normal cases it has to be done above 10,000 P.A.
As per the latest provision, the IT has to be deducted only if the amount of interest exceeds 50,000 in cases of very senior citizens or the deduction has to be claimed in return and benefit availed ?
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TDS very senior citizens
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Deduction u/s. 80TTB upto Rs. 50000/- can be availed by filing ITR for FY 2018-19 (onward) even if TDS deducted; but from FY 2019-20 now no TDS to be deducted by Bank
Till now for TDS deduction for bank interest in normal cases it has to be done above 10,000 P.A.
As per the latest provision, the IT has to be deducted only if the amount of interest exceeds 50,000 in cases of very senior citizens or the deduction has to be claimed in return and benefit availed
As per the latest provision, the IT has to be deducted only if the amount of interest exceeds 50,000 in cases of very senior citizens or the deduction has to be claimed in return and benefit availed
Benefit in TDS limit is different then the tax deduction u/s. 80TTB.
TDS limit of 50000/- do not directly exempt the interest income.
To avail deduction u/s. 80TTB, ITR need to be filed.
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