Amendment to [ Section-80TTA ] w.e.f. Assessment Year 2019-2020 under Income Tax Act. (Income By Way Of Interest On Deposits In A Savings Bank Account )
Section 80TTA provides for a deduction (up to Rs. 10,000) to an individual/HUF if his income includes any income by way of interest on deposits in a savings bank account (or savings account with post office / co-operative society).
• Amendment –
With effect from the assessment year 2019-20, a senior citizen (who can avail of deduction under section 80TTB) shall not be eligible for the deduction under section 80TTA.
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