Benefits Available In Respect Of Interest On Deposits In Case Of Senior Citizens
What are the benefits available in respect of interest on deposits in case of senior citizens?
Free Legal Advice - taxation
Posted by: Kapil Soni
Posted on: 2018-09-04
Section 80TTB of the Income Tax law gives provisions relating to tax benefits available on account of interest income from deposits with banks or post office or co-operative banks of an amount upto Rs. 50,000 earned by the senior citizen (i.e., an individual of the age of 60 years or above). Interest earned on saving deposits and fixed deposit, both shall be eligible for deduction under this provision.
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