Section 80TTB: Interest Income Tax Relief for Seniors FY 2024-25

| Last updated: 15 June 2025

Quick Summary
Section 80TTB provides tax relief for senior citizens (aged 60 and above) on their interest income. Resident Indian seniors can claim a deduction of up to ₹50,000 on interest earned from savings accounts, fixed deposits, recurring deposits, and post office deposits. This deduction helps reduce their taxable income and TDS, making tax filing simpler and easing the financial burden during retirement.

Section 80TTB offers senior citizens a deduction on interest income from bank deposits. The benefit is available exclusively under the old tax regime. Key Takeaways Meant only for resident individuals aged 60 and above. Allows deduction up to INR 50,000 on total interest income. Cov
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Shreyans Panchal

About the Author

CA Final Student

Finance and Taxation Professional with 3+years of experience in Indian Taxation.CA final student having excellent knowledge in Indian Startup ecosystem and Investment strategies.

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