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Budget Changes April 2018-2019 -80DDB , 80TTA , 80TTB

Praveen
28/03/2018 0 0

80DDB

It has been suggested to make the amendments in the provisions of section 80DDB of the Act to raise this monetary limit of deduction to Rs 1 lakh for both senior citizens and very senior citizens.

This amendment will be effective, from April 1, 2019, and will, accordingly, apply about the assessment year 2019-20 and subsequent assessment years.

The list of specified diseases covered in the section is available in Rule 11-DD of Income-tax Rules. Some of them include neurological diseases, AIDS, malignant cancers, and haematological disorders.

80TTA

Interest on savings bank but interest on FDs, Post Office and Cooperative Society is also to be covered.

80TTB

The government has removed senior citizens from the ambit of 80TTA and added under a new Section 80TTB. This section provides deduction up to Rs. 50,000 /- in interest on income from deposits in banks, cooperative society and post office for senior citizens.

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