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Is 80TTA applicable for FY 2020 21?

Is 80TTA applicable for FY 2020 21?

A maximum limit of Rs 10000 is available under sec 80tta for fy 2020-21.

Who is not eligible for 80TTA?

If your interest income is less than Rs 10,000, the entire interest income will be your deduction. If your interest income is more than Rs 10,000, your deduction shall be limited to Rs 10,000. (You have to consider your total interest income from all banks where you have accounts).

Can NRI claim standard deduction?

NRI can claim a standard deduction of 30% in India. Under Section 80C, NRIs can also claim deductions for principal repayment, registration charges and stamp duty. They can also claim tax deductions up to Rs. 1.5 lakh on interest paid on a home loan during a financial year.

Is 80TTA applicable to NRO account?

Normal saving accounts of Non-Resident Indians (NRIs) is designated to Non-Resident Ordinary (NRO) savings account and hence, the deduction u/s 80TTA shall be eligible for NRO savings accounts too.

Is 80TTB applicable for non residents?

In that case, Section 80TTB deduction will not be applicable for the partner of such firms or a member of AOP or BOI. Individuals and Hindu Undivided Families, apart from senior citizens, cannot avail the tax deductions under Section 80TTB. Non-resident Indians (NRIs) are also not eligible for the 80TTB deductions.

Can I claim 80TTA and 80TTB both?

Yes, you can claim deduction under Section 80TTB on both interest form savings and deposit accounts with banks, but the deduction amount is limited to Rs 50,000….Difference between Section 80TTA and Section 80TTB.

Particulars Section 80TTA Section 80TTB
Quantum of deduction Up to Rs 10,000 Up to Rs 50,000

What is the difference between 80TTA and 80TTB?

Relief under Section 80TTA is limited to savings accounts while Section 80TTB covers both savings account and fixed deposit accounts. Relief under Section 80TTA available to individuals and HUF. Section 80TTB provides relief to only individuals. Section 80TTB provides relief to only resident senior citizens.

Is 80TTA deduction available to non-resident?

Deduction under Section 80TTA Non-resident Indians can claim a deduction on income from interest on savings bank accounts up to a maximum of Rs 10,000 like resident Indians.

What is basic exemption limit for NRI?

As a Non-resident, you still get the benefit of the basic exemption limit of Rs. 2,50,000 from your total income. However, If your total income in India consists of only short term capital gains or long-term capital gains, then the benefit of the basic exemption limit is not available in respect of such gains.

Is 80TTA applicable for non residents senior citizen?

Yes, you can claim deduction under Section 80TTB on both interest form savings and deposit accounts with banks, but the deduction amount is limited to Rs 50,000….Illustration on tax savings by senior citizens.

Particulars Non-Senior Citizen (Rs) Senior Citizen (Rs)
Less: Deduction under Section 80TTA 5,000 Not Applicable

What is difference between 80TTA and 80TTB?

Can a person claim both 80TTA and 80TTB?

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