80TTA And 80TTB (Save tax on interest earned)

By | July 28, 2019

If you are not a senior citizen, you are eligible to get benefits of 80TTA, and 80TTB is for seniors (60+)

Under 80TTA, you can get exemption of upto 10000 Rs of Income earned via saving account interest.

A common misconception is that 80TTA is also applicable for Fixed Deposite interests, but its not.

Under 80TTB, senior citizens can get upto 50,000 Rs of income exemption from their return. And in their case it could be saving interest of Fixed Interest.

So before filing your return, check your other source of income. Is it income by saving account interest or income by FD interest.

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