A useful tip to save upto Rs.15k in tax: Section 80TTB for Senior Citizens

As we are just 2 days away from the last date of filing income tax return, here is a useful tip to save upto Rs.15k in tax.

If you are helping out a senior citizen in filing their Income Tax Return, do not forget section 80TTB which allows Rs.50k deduction on their interest income from both bank FDs and savings.

This can save them upto Rs.15k if they fall in the highest income tax slab.

On the contrary, section 80TTA which is applicable to individuals less than 60 years old, allows deduction upto Rs.10k that too only on the savings interest income.

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By Abhineet Mittal

Abhineet is IIM Alumnus and Founder of popular Digital Publishing Platform, Sahityapedia. He is a technology enthusiast by hobby & an avid reader.