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Brij Gupta

tax rebate

I have another clarification - this year, I read that upto 50,000 has been made tax free for interest income for Senior citizen. However, when I fill up the form, under section 80 D, it is allowing only 10000/- deduction.

Please guide me under which section this rebate of 50000/- is available more  

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Sasidharan B
Yes . Interest from BANK co operative BANk,Post office and sB interest from BANk put together is exempted subject to cap Rs.50000.The SB interest exemption available erlier is NOT applicable to Sr. more  
Vijay BAFNA
Dear Sasidharan, Bank/FD int. up to Rs 50000 is exempt for sr. citizens from current F.Y. more  
MOHIT PANDE
Dear Mr. Gupta, The deduction of up to INR 50000 is applicable from 1st April 2018 under Section 80 TTB for Senior Citizens for interest income from Deposits from banks and government savings schemes viz. SCSS 2004, NSC, etc. This deduction can be claimed for AY 2019-20 for FY 2018-19. more  
Kishore Gersappa
The benefit of Rs.50000/- , can be claimed from AY 2019-2020. This benefit was introduced in the budget presented in 2018 and is applicable from1st April 2018 . This benefit is not for AY 2018-2019 more  
Sasidharan B
Dear Vijay .Please note that the Rs.50000 is not a rebate on Taxable Income.It is not exempted. All senior citizen please note. This is only an exemption to Banks for deducting TDS.Means if yor FD interest is upto Rs.50000 you get full interest(No TDS) But the interest on FDR is Taxable,even if it is Rs500 more  
Ram N
Dear Mr Sasidharan, in addition to what you say, from AY1920, under section 80TTB, a deduction from taxable income up to Ra 50000/- (interest income including FD) is allowed for senior citizens. more  
Sasidharan B
Dear Guptji If the response was helpful please report as " helpful " more  
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