banner_ad

Deduction under section 80ttb to senior citizens

346 views 2 replies

Section 80TTB allows a deduction of up to Rs. 50000/- from interest on deposits with banks to senior citizens. Unlike section 80TTA which specifically mentions deduction to be allowed only from interest on savings accounts, section 80TTB does not mention anything specifically. Normally, interest on savings accounts is much less than Rs. 50000 annually. Does this mean that senior citizens will also get deduction from interest on their time deposits (such as FD's, etc.) with banks?

 

Thanks for clarification in advance.

Replies (2)

Yes. it includes all the interests.

Yes all interest will be covered in 80TTB


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
14 May 2026
Senior Associate

ABHISHEK SHANKAR AGARWAL & ASSOCIATES

Kolkata

CA

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 05 May 2026
ARTICLED ASSISTANT

JS ADVISORS

New Delhi

CA Inter

View Details
Company
10 May 2026
Finance specialist

Right way solution

Ajmer

CA

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
07 May 2026
CA Assistant

amit desai and co

Mumbai

CA Final

View Details
Company
09 May 2026
Audit Manager

Kanna and Associates

Coimbatore

CA Inter

View Details