Deduction under section 80ttb to senior citizens


Milind M. Kulkarni (Practicing CA)     27 June 2019

Milind M. Kulkarni
Practicing CA 
 40 likes  510 points

| My Other Post

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.

avater

Laxmi Agarwal (student)     27 June 2019

Laxmi Agarwal
student 
 46 likes  292 points

View Profile | My Other Post

Yes. it includes all the interests.

3 Like
avater

Manoj shetty (student)     27 June 2019

Manoj shetty
student 
 2 likes  17 points

View Profile | My Other Post

Yes all interest will be covered in 80TTB

1 Like

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  



Popular Discussion


view more »