TDS On Interest For Senior Citizens
UNION Budget 2018 proposes two important changes for Senior Citizens with respect to interest income.
IT Sec.194A – TDS on interest - This section has been amended hiking the limit to ₹50,000. This means TDS will be deducted only if the interest on deposits of senior citizens exceed 50,000.
80TTB – A new section has been inserted so that senior citizens can deduct upto ₹50,000 from their interest on deposits while filing returns.
But please note that both the above are applicable only for interest from Banks, Co-op Banks and Post Offices.
These are not applicable for any interest income from Co-op Societies, Non-Banking Finance Companies, State Treasuries, Corporates, Company deposits, Private Financial Institutions, etc.
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