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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 regimeSection 80ttaSection 80ttbIncome from other sourcesSavings 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 jainPost officeCooperative societySenior citizen saving schemeHindu undivided familiesSenior citizen fd ratesSenior citizen fdSection 80ttbIncome tax deduction on fd interest for senior citizensSection 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 planningIncome tax actAlso readHindu undivided familyTax deductionSenior citizensIncome tax actSection 80ttbSection 80tta

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