In­come-tax ben­e­fits

Consumer Voice - - BFSI -

Un­der In­come Tax Act (as ap­pli­ca­ble to the fi­nan­cial year 2018–19 [as­sess­ment year 2019–20]), the in­ter­est re­ceived/ac­cru­ing from fixed de­posits/sav­ings bank de­posits un­der the new Sec­tion 80TTB up to Rs 50,000 is ex­empt from in­come tax, but is ap­pli­ca­ble to se­nior cit­i­zens only. Banks also of­fer tax shield/tax saver fixed de­posits that have a lock-in pe­riod of five years and are el­i­gi­ble for in­come-tax de­duc­tion un­der Sec­tion 80C (with up­per limit up to Rs 150,000).

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