Section 80TTB of the Income Tax Act provides tax benefits for senior citizens on interest income from deposits, allowing a deduction of Rs. 50,000 on deposits from the Post Office, Bank, and Cooperative Society
An individual opting for old tax regime is eligible to get deduction under Section 80TTA for the interest earned from savings bank account as well as post office savings account. However, since this deduction has been introduced, the amount of deduction has been kept unchanged. There is a need to hike this deduction in the interim budget 2024.