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Anil Rego  | Answer  |Ask -

Financial Planner - Answered on Nov 27, 2020

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more
Subramaniam Question by Subramaniam on Nov 27, 2020Hindi
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Kindly let me know whether Normal Citizens - Female below 60 Years of age are eligible to claim Standard Deduction of Rs.40000/- from Interest Income i.e. Other Sources of Income.

Ans: Assuming you are opting for old tax regime, you can claim standard deduction of Rs. 50,000 (increased from Fy 2019-20) for Salary income. This deduction is not available for income under any other head.

If any of your interest income is from Savings Bank interest, you can claim a deduction of Rs.10,000 under Section 80TTA. If savings bank interest income is less then Rs.10K, the entire interest will be your deduction. If your interest income is more than Rs.10K, your deduction is limited to Rs.1oK.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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