Comparison of Deduction under section 80TTA & 80TTB

Ask the Community Income Tax
1

80TTA:

Section 80TTA provides a deduction of Rs 10,000 on interest income. This deduction is available to an Individual and HUF. This deduction is allowed on interest earned – From a savings account with a bank. From a savings account with a co-operative society carrying on the business of banking.

80TTB:

Section 80TTB is a provision whereby a taxpayer who is a resident senior citizen, aged 60 years and above at any time during a Financial Year (FY), can claim a specified amount as a deduction from his gross total income for that FY.

Please refer to the attached document for more details on 80TTA and 80TTB.

Comparison of Deduction under section 80TTA & 80TTB.pdf (41.4 KB)

4 Likes
2

@Chethanbn Will the interest earned need to be also shown as an income from other sources to be able to claim the deduction?

5 Likes
3

@Vijayendra Yes, The interest earned should be shown in income from other sources.

4 Likes