Section 80TTB of ITA, 1961 : Section 80Ttb: Deduction In Respect Of Interest On Deposits In Case Of Senior Citizens
ITA, 1961
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Explanation using Example
Imagine Mr. Sharma, a 65-year-old retired school principal, who has deposited his savings in a fixed deposit with a recognized bank. Over the financial year, he earns an interest of ₹45,000 from this deposit. According to Section 80TTB of the Income-tax Act, 1961, Mr. Sharma, being a senior citizen, is eligible for a deduction of the entire interest income of ₹45,000 from his gross ...
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