होम  »  Income Tax  »  Section 80TTB

Section 80TTB of Income Tax Act

This section is specially for senior citizens who are aged 60 years and above. The Section 80TTB provides the taxpayer relief from paying income tax to some extent by providing a rebate for few of the following deductions

  • Interest on bank deposits (either fixed or savings)
  • Interest on post office deposits
  • Interest on deposits in a co-operative society which is engaged in the banking business

Under this section, senior citizens can avail for a deduction amount of less than Rs 50,000 or an amount from a specified income.

Exceptions to Section 80TTB

If in case, the specified deposits are held by an association of persons or a partnership firms or a body of the individual, then Section 80TTB deduction is not available for the partner of such a firm or for any of the members of such associations (AOP or BOI).

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