First Published: 25 Jan 2023, 02:19 PM IST
Income Tax: Section 80TTB deductions and eligibility for senior citizens
Updated: 25 Jan 2023, 05:01 PM IST
TL;DR.
Section 80TTB of the Income Tax Act provides tax deductions to senior citizens on income earned from interest on deposits held with banks, post offices and cooperative societies. It allows a deduction of up to ₹50,000 from the total income of such individuals.
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