Milind M. Kulkarni (Practicing CA) 27 June 2019
Section 80TTB allows a deduction of up to Rs. 50000/- from interest on deposits with banks to senior citizens. Unlike section 80TTA which specifically mentions deduction to be allowed only from interest on savings accounts, section 80TTB does not mention anything specifically. Normally, interest on savings accounts is much less than Rs. 50000 annually. Does this mean that senior citizens will also get deduction from interest on their time deposits (such as FD's, etc.) with banks?
Thanks for clarification in advance.
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