Section 80TTA & TTB

Section 80TTA provides a deduction of Rs 10,000 on interest income. This deduction is available to an Individual and HUF.

This deduction is allowed on interest earned –

• From a savings account with a bank
• From a savings account with a co-operative society carrying on the business of banking
• From a savings account with a post office

This deduction is NOT allowed on interest earned on these deposits.

• Interest from fixed deposits
• Interest from recurring deposits
• Any other time deposits

Section 80TTB (Only for senior citizen) provides a deduction of Rs 50,000 on interest of all kind of deposits.