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80ttb: Despite selecting applicable Schedule
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Despite selecting applicable Schedule (VI-A) in the first page of recently released ITR 2, I am not able to eclaim Deductions under VI-A ( 80TTB , 80 D), as the "Edit" button is disabled. Extract of Section 80TTB from the Income Tax Act 80TTB . (1) Where the gross total income of an assessee, being a senior citizen, includes any income by way of interest on deposits with — (a) a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act); (b) a co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank or a co-operative ... Yes, FD interest is fully taxable. However, senior citizens can claim a deduction of up to Rs 50,000 on interest income under Section 80TTB (only in the old regime). Will a senior citizen with Rs 20 lakh income have to pay tax? Yes. Whether under the old or new tax regime, Rs 20 lakh income (from pension + FD) exceeds the exemption limits. Know which pensioners can skip ITR filing or who gets exemption and key tax benefits under Income Tax Act. Rules by age, income type are also explained.
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