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 I am senior citizen. I have a fixed deposit…

 I am senior citizen. I have a fixed deposit of Rs. 450000 in SBI. Is there any tax benefit av…

 I am senior citizen. I have a fixed deposit of Rs. 450000 in SBI. Is there any tax benefit available for this income?


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Jeeba Jun. 27, 2018

Section 80TTB prescribes the benefits provided to the senior citizen for the interest on his deposit.

As per this section, interest income from deposits with banks or post office or co-operative banks of an amount upto Rs. 50,000 is eligible for the deduction.

So you can avail the deduction up to Rs. 50000 under section 80TTB. Further, no tds shall be deducted on the interest up to the limit of 50000.