Section 80TTB
Definition
Deduction up to ₹50,000 for interest income from savings accounts, fixed deposits, and recurring deposits, available exclusively to senior citizens (aged 60+). Available only under the Old Tax Regime.
In Context
Senior citizens can claim up to ₹50,000 deduction on all interest income (savings + FD + RD). This replaces Section 80TTA for seniors — do not claim both. Not available under New Tax Regime.
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