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New income tax regime: Can I avail of deductions under Section 80TTA/80TTB?
One can claim a deduction either under Section 80TTA or 80TTB based on eligibility criteria and not both deductions at the same time
New income tax regime
Section 80tta
Section 80ttb
Income from other sources
Savings bank account
Income tax benefits for senior citizens on interest income from savings, fixed deposits — explained in eight points
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
Balwant jain
Post office
Cooperative society
Senior citizen saving scheme
Hindu undivided families
Senior citizen fd rates
Senior citizen fd
Section 80ttb
Income tax deduction on fd interest for senior citizens
Section 80tta
How senior citizens can claim up to Rs 50,000 deduction under Section 80TTB of income Tax Act
According to Section 80TTB, senior citizens aged 60 and above can make tax deduction claims up to Rs 50,000.
Tax planning
Income tax act
Also read
Hindu undivided family
Tax deduction
Senior citizens
Income tax act
Section 80ttb
Section 80tta
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