Note: In the above example the interest earned is Rs. 98,000 but deduction is allowed up to Rs. 50,000 under section 80TTB . Key Difference between section 80TTA and 80TTB A Senior Citizen can save how much amount of Income Tax after introducing section 80TTB ? Example Mr. Samir age of 65 years, having their interest income as below:- Savings interest of Rs 15,000 Interest on fixed deposits of Rs 80,000 Other income of Rs 2,50,000 Answer Let’s take the above income will be same in F.Y. 2017 ... Section 80TTB offers senior citizens a deduction on interest income from bank deposits. Know how to maximize this deduction ? Know which pensioners can skip ITR filing or who gets exemption and key tax benefits under Income Tax Act. Rules by age, income type are also explained. deduction allowed u/s 80TTB with a limit of Rs. 50,000/- only for old regime for new regime – if his income is below the basic exemption limit, or qualifies for Section 87A relief, tax impact can be reduced Key takeaways Under the old regime, senior citizens enjoy better tax benefits on FD interest due to Section 80TTB
