Is MIS and NSC qualified deposit for Sec80TTB

This discussion clarifies whether interest earned on Post Office Monthly Income Scheme (MIS) and National Savings Certificates (NSC) deposits is eligible for deduction under Section 80TTB. The answer is yes, provided the depositor is a senior citizen (aged 60 and above). Senior citizens can claim a deduction of up to £50,000 on the cumulative interest from all deposits, including MIS and NSC. For those below 60, Section 80TTA applies, allowing a deduction of up to £10,000 solely on interest from savings bank accounts, excluding FDs, MIS, or other similar deposits.