Hello
For my parents I.T return a.y 20-21 who are above 60 years of age, I had claimed 1.5 lakh deduction under section 80c for 5 year time deposit and 50,000 interest income for bank FDS and savings account interest under section 80TTB. But the income tax official disallowed the deduction under section 80TTB saying both 80C and 80TTB deductions cannot be claimed simultaneously. Can you please guide me if this is true ?
Thank you
probably you have added interest from FD of 1.5 lakh Rs which you claimed 80C. This may be the reason. Anyways need to check up the details of observations.
did you by any chance selected new tax regime while filing tax return? in that case 80ttb is not available
Section 80TTB covers deduction against interest on deposits for senior citizens. Section 80C provides for a deduction against various investments and expenses. The investments such as tax-saving FD, ELSS, PPF, NSC, NPS, SSY, EPF, ULIP, LIC, etc are covered under section 80C
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