Tax Benefits for Seniors: Section 80TTB Offers Up to Rs. 50,000 Deduction on Interest Income; Section 194A TDS Exemption
Section 80TTB of the Income Tax law provides tax benefits for senior citizens, defined as individuals aged 60 and above, on interest income from bank, post office, or cooperative bank deposits up to Rs. 50,000. Both savings and fixed deposit interest qualify for this deduction. Additionally, Section 194A stipulates that no tax will be deducted at source on interest payments to senior citizens up to Rs. 50,000, with this limit calculated separately for each bank.
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