80ttb deduction: Extract of Section 80TTB from the

Extract of Section 80TTB from the Income Tax Act 80TTB . (1) Where the gross total income of an assessee, being a senior citizen, includes any income by way of interest on deposits with — (a) a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act); (b) a co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank or a co-operative ... Know which pensioners can skip ITR filing or who gets exemption and key tax benefits under Income Tax Act. Rules by age, income type are also explained. Income Tax Bill 2025 facts: New draft is coming, quick passage expected with minimal changes for CA or CMA students. Instead, they can avail a higher tax benefit under Section 80TTB for interest income from deposits. This clarifies that while general taxpayers and HUFs can use 80TTA for savings account interest (up to ₹10,000), senior citizens must use 80TTB (which offers a ₹50,000 deduction on interest from all types of deposits).