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Interest of fixed deposit
is any deduction under chapter 6 A applicable for interest of fixed deposit?
Replies (7)
If you are senior citizen, you can claim deduction under section 80ttb for an amount of rs 50k
Yes... I agreed to Mr Ramakrishnan view...
A senior citizen can take benefit of deduction under section 80TTB (of chapter VI A) only in respect of bank fixed deposits , PO time deposits and interest on Savings bank accounts.
Maximum deduction is Rs 50000/- or actual whichever is lower.
Maximum deduction is Rs 50000/- or actual whichever is lower.
Section 80TTB is a provision whereby a taxpayer who is a resident senior citizen, aged 60 years and above at any time during a Financial Year (FY), can claim maximum Rs.50,000/- as deduction against following Income:
- Interest on Bank Deposits (savings or fixed);
- Interest on Deposits held in a co-operative society engaged in the business of banking, including a co-operative land mortgage bank or a co-operative land development bank; or
- Interest on Post Office Deposit
With the introduction of Section 80TTB exclusively for senior citizens, deductions under Section 80TTA is not available to senior citizens
Is any deduction available on interest of savings deposit?
@ Reshma
it is already replied in above posts.
please go through again.
it is already replied in above posts.
please go through again.
Interest on savings deposit is included in the sum of₹50000 allowed for Sr citizens u/s 80TTB. For others, it is included in the sum of ₹10000 allowed U/S 80TTA.
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