Section 80TTA & TTB

15 February 2020

u/s 80TTA ,which amount will be exempted ? and u/s 80TTB ?

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4 Replies

Kumar Sushank (General Manager - Finance) (1040 Points)
Replied 15 February 2020

Section 80TTA provides a deduction of Rs 10,000 on interest income. This deduction is available to an Individual and HUF.

This deduction is allowed on interest earned –

From a savings account with a bank
From a savings account with a co-operative society carrying on the business of banking
From a savings account with a post office

This deduction is NOT allowed on interest earned on these deposits.

Section 80TTB (Only for senior citizen) provides a deduction of Rs 50,000 on interest of all kind of deposits.

Santosh Dubey (12 Points)
Replied 15 February 2020

Thanks

Kapadia Pravin (17264 Points)
Replied 16 February 2020

Go for old taxation regime to get all such 80C 80D 80TtA /80TTB 24(2) etc deductions.

Old or new tax regime is from FY 1-4-2020 that is FY 2020-2021

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 24 July 2020

Section 80TTA and 80TTB nicely explained by Mr. Sushank kumar

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