Section 80TTA vs Section 80TTB: Rules & Limits
Under the Old Tax Regime, interest earned on savings accounts up to ₹10,000 is completely tax-free under Section 80TTA, while senior citizens can claim up to ₹50,000 across all bank deposits under Section 80TTB.
Frequently Asked Questions (FAQs)
What is the difference between Section 80TTA and 80TTB?
Section 80TTA applies to individuals below 60 years and HUFs, allowing up to ₹10,000 deduction ONLY on savings bank interest. Section 80TTB applies to senior citizens (60+), allowing up to ₹50,000 deduction on ALL interest (Savings + Fixed Deposits + Recurring Deposits).
