For senior citizens, interest on both 1) Saving bank account & 2) Fixed deposit
both are eligible for deduction u/s 80TTB up to ₹. 50000/-
Please confirm.
Replies (4)
Quick Summary
Senior citizens can claim a tax deduction of up to ₹50,000 on interest earned from both savings accounts and fixed deposits. This deduction is available under Section 80TTB of the Income Tax Act. Both types of bank interest are eligible for this beneficial tax relief.