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Interest of fixed deposit

Reshma Suresh (10 Points)

10 January 2020

is any deduction under chapter 6 A applicable for interest of fixed deposit?

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rama krishnan (12234 Points)
Replied 10 January 2020

If you are senior citizen, you can claim deduction under section 80ttb for an amount of rs 50k

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RAJA P M ("Do the Right Thing...!!!") (127580 Points)
Replied 10 January 2020

Yes... I agreed to Mr Ramakrishnan view...

Kapadia Pravin (17249 Points)
Replied 10 January 2020

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.

CA J.Jayaprakash (Senior Officer (Finance)) (273 Points)
Replied 10 January 2020

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

Reshma Suresh (10 Points)
Replied 10 January 2020

Is any deduction available on interest of savings deposit?

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Kapadia Pravin (17249 Points)
Replied 10 January 2020

@ Reshma
it is already replied in above posts.
please go through again.

Chandran Nallur Krishnaswamy (39 Points)
Replied 12 January 2020

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.