Eligible Person for Claim:
Following person are eligible for claim the deduction:
- Individual
- HUF
Eligible Saving Account:
- Saving Account of Bank or Banking Co.
- Saving Account of Post Office
- Saving Account of Co operative Society engaged in banking business
Deduction Amount:
- Total Interest earned on saving account up to Rs.10000/.
- If interest earned more than Rs.10000/ than balance amount will be the part of the income during the year.
General:
- It is not available for senior citizen.
- Interest on FDR is not eligible for deduction.
- No TDS is deducted on interest income from saving account.
DEDUCTION OF INTEREST INCOME FROM BANK SECTION 80TTB FOR AY 2019-20
Eligible Person for Claim:
Only Resident Senior Citizen of 60 Years or above can claim the deduction of Interest Income from his gross total income during the year.
Eligible Interest Income:
The following interest income is eligible for claim the deduction:
- All kind of Interest Income from Bank
- All kind of Interest Income from Post Office
- All kind of Interest Income from Co operative Society engaged in banking business
Deduction Amount:
- Total Interest earned from saving and term deposit up to Rs.50000/.
- If interest earned more than Rs.50000/ than balance amount will be the part of the income during the year.
