section 80TTA & TTB

Section 80TTA is available only to an individual (who must not be a senior or a very senior citizen) and a HUF.
Deduction u/s 80TTA is available for interest on savings bank account held with-
(a) a bank including a co-operative bank,
(b) a Post Office.
Hence, the deduction is not available from interest income from a fixed, recurring deposit, etc.
Maximum amount of deduction is Rs. 10,000

Deduction u/s 80TTB is available only to a resident senior citizen individual
Deduction is available for interest on bank deposits held with-
(a) a bank including a co-operative bank,
(b) a Post Office.
Hence, the deduction includes interest income from every bank deposit including a savings account, a fixed deposit, a recurring deposit, etc.
Maximum amount of deduction is Rs. 50,000

It may be noted that taxpayers claiming deduction under section 80TTB shall not be eligible for deduction under section 80TTA.

Hope this clarifies

.
Sujit Talukder
www.taxcorner.co.in

You are most welcome.

Sujit Talukder

www.taxcorner.co.in