For Senior Citizens, Under, Section 80TTBof the income tax act, interest income earned from deposits qualifies for a deduction ofupto Rs 50,000in a year. This section is available to senior citizens since April 1, 2018. The benefit of section 80TTA, which allows the deduction of the inte...
Second, in light of the kinked budget constraint created by the progressivity of the tax system, the after- tax wage rate and after tax non-labor income depend on in which tax bracket the worker falls, which depends on the number of hours worked. The simplest approach to this issue is ...