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Joint Bank Account Tax Rules for Interest on Saving, Fixed Deposit

Getting a joint bank account is common financial planning among us. In this type of bank account, the account holders are named as: Primary account holder, and Secondary account holder While opening the bank account, the account holders can choose any of the prescribed modes of operation...

Section 80TTA Deduction : Interest on Saving A/c [AY 2020-21]

Introduction 80TTA is an income tax deductions provided to Individuals and HUF for interest on savings account up to Rs.10,000/- only. Non Residents are also eligible for this deduction. [Available in FY 2019-20] Saving accounts held in following institutes are covered for the deduction: Bank ...

Section 80TTB: Deduction for Senior Citizen [AY 2019-20]

In budget 2018, the government has provided a  big relief to our senior citizens (60 years or more) in form of a deduction of their interest income up to Rs.50,000/-. In this article, we will understand all aspects of this deduction as provided under section 80TTB. Effective date Section 80TTB...