As a senior citizen, I am entitled to benefits under section 80TTB in my returns for AY 2019-20.
Some of my income is from deposits held with Housing Development Finance Corporation Limited (NOT HDFC bank)
According to the applicability norms of section 80TTB
A deduction of lower than Rs 50,000 or an amount from a specified income is allowed from the gross total income. Specified income is any of the following income in aggregate:
- Interest on bank deposits (savings or fixed);
- Interest on deposits held in a co-operative society engaged in the business of banking, including a co-operative land mortgage bank or a co-operative land development bank; or
- Interest on post office deposits
Does this mean that the income from my deposits held with HDFC above do or do not qualify for deduction?
Does this also mean I will have to declare the interest from these deposits as a separate line item in my ITR-1 under income from other sources and specify what 'any other' means
Thank you
CAclubindia
