Sir, I am a senior citizen. I am having fixed deposits with Tamil Nadu Power Finance Corporation and receive interest income. Am I eligible to deduction of 50000 under sec 80TTB from my interest income. IT rule says interest income only from Banks, Post Office and Cooperative Societies. Is it not claimed for a company deposit or a finance corporation deposits.
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SECTION 80TTB OF INCOME TAX
Replies (2)
Quick Summary
Correct.
Company FD interest or FC deposit interest are not eligible for deduction u/s. 80TTB of IT act.
There are two sections one sec 80tta and another sec 80ttb.
sec 80tta- deduction of rs.10000 on interest on deposits.
sec 80ttb-this is also the same.
sec 80tta- deduction of rs.10000 on interest on deposits.
sec 80ttb-this is also the same.
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