Sweep intetest under 80ttb

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CA
1469 Points Posted on 01 September 2020
Whether senior citizen can claim deduction of sweep interest under 80ttb??
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On 01 September 2020 at 13:19 Report
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Quick Summary
Senior citizens can indeed claim a deduction for sweep interest under Section 80TTB of the Income Tax Act. This section allows senior citizens to deduct interest earned from any type of deposit, including sweep accounts, from their taxable income. It's considered a type of Fixed Deposit interest for the purpose of this deduction.

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Tax and Business Consultant
11616 Points Posted on 01 September 2020
Yes, he can Claim...it's type of FD interest
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On 01 September 2020 at 19:45
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4 Points Posted on 01 September 2020
As per section 80ttb a senior citizen can claim deduction of any kind of interest earned from any kind of deposit .
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On 01 September 2020 at 23:24

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