Sir
I am a senior citizen and my yearly income is Rs- 1255000/- which includes Rs/- 55000 as BANK F/D INTEREST.Can I claim a deduction Of Rs 50000/- UNDER 80A for THE A-Y 2019'-20 in my income tax return.
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DEDUCTION OF RS 50000/- ON INTEREST ON BANK F./D FOR SENIOR CITIZENS FOR A/Y2019-20
Replies (3)
Yes. But under 80TTB
section 80 TTB deduction is for saving bank interest not for fixed deposit interest.
Unlike Section 80TTA, Section 80TTB does not specifically exclude interest on 'time deposits' or explicitly mention only 'savings account'. Therefore, FD interest will be under Section 80TTB only.
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