Regarding section 80tta and 80ttb

This query is : Resolved

PRIYANKA SAWANT (Querist)
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12 March 2019 A SENIOR CITIZEN EARNS INTEREST OF RS.20000/- ON SAVING BANK A/C AND INTEREST OF RS.30000/- ON TIME DEPOSIT WITH A BANKING COMPANY. HOW MUCH DEDUCTION HE WILL BE GET U/S 80TTA/ 80TTB FOR ASS.YR 2019-20?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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14 March 2019 In case of time deposits for senior citizens Rs 50000/- exemption is available.

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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15 March 2019 Rs.30,000 u/s 80TTB and Rs.10,000 u/s 80TTA for interest from time deposits and interest from savings account respectively

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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21 November 2021 For senior citizen, no 80TTA deduction available.
He can claim Rs. 20K under 80TTB.
Interest on Time deposit with company need to be checked for any such deduction.