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SCSS & 80TTB

Uday Vartak (6 Points)

31 December 2018

Is interest earned up to 50k on SCSS (senior citizen savings scheme) qualifies for 80TTB tax benefit

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Sarath Rajendran (Nil) (2791 Points)
Replied 31 December 2018

It avails for

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

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ACA Sarita Laddha (Practicing CA) (1225 Points)
Replied 31 December 2018

interest on scss is fully taxable & TDS applicable if total interest exceeds 10000 if your income is below taxable limit u should provide form 15g or 15 h to avoid tds