Additional 50000 Rs amount eligible for deduction from your Gross Total Income. Section 80TTB applicability

Section 80TTB- Deduction in respect of interest on deposits in case of senior citizens

As per the income tax act provisions of section 80TTB, an assessee can claim deduction upto of Rs 50000 (which is only restricted to Rs 10000 in Section 80TTA) from his gross total income on account of income earned from the following sources-

Interest income from Saving Bank Deposits or Fixed Deposits
Interest on Deposits held in a Co-operative Society
Interest earned from Post Office Deposits

Eligibility Criteria:

This section is applicable w.e.f 01.04.2018

Section 80TTB is only applicable to individual assessee of age 60 years or above i.e., senior citizens.

Deduction Allowed

Lower of the following-

Rs 50000, or
Amount received or earned by way of deposits as aforesaid.

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