Regarding deduction u/s 80TTB

Max. upto Rs. 50,000/-

With effect from 01.04.2018, a new section 80TTB has been inserted whereby a taxpayer who is a resident senior citizen aged 60 years and above at any time during a Financial Year (FY) can claim a deduction of Rs. 50,000 from his gross total income for that FY. 

The specified income in respect of which the aggregate deduction is available is mentioned below:

• Interest on bank deposits (savings or fixed);
• Interest on deposits held in co-operative society engaged in the business of banking including co-operative land mortgage bank or a co-operative land development bank;or
• Interest on post office deposits

However, if an assessee is claiming deduction u/s 80TTB then he will not be allowed deduction of Rs. 10,000 available u/s 80TTA.