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50k addition rebate for senior citizen ?
At present, a deduction upto Rs 10,000/- is allowed under section 80TTA to all assessees in respect of interest income from savings account. A new section 80TTB is being proposed so as to allow a deduction upto Rs 50,000/- in respect of interest income from deposits, including sav. acc interest held by senior citizens.
It is also proposed to amend section 194A so as to raise the threshold for deduction of tax at source on interest income for senior citizens from Rs 10,000/- to Rs 50,000/-.
More details Refer: Section-80TTB-Deduction-for-Senior-Citizens
You will be eligiblr to claim a deduction of Rs. 50000 in respect of the interest received on Savings Account u/s 80TTB and also Rs. 50000 u/s 194 in respect of Interest on Fixed Deposits.
Both these deductions are NOT mutually exclusive. You can claim both.
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