Section 80TTA and Section 80TTB


 Section 80TTA

  • 1. Eligibility: Deduction u/s 80TTA is available to an assessee, other than the assesse referred to in Section80TTB, being an individual or HUF.
  • 2. Deduction is allowed from the following incomes:
    • a. Interest earned from savings account with a bank
    • b. Interest earned from savings account with a co-operative society carrying on banking business.
    • c. Interest earned from savings account with a post office.
  • 3. Deduction limit:
    • a. In a case where amount of such income does not exceed in the aggregate Rs. 10,000, the whole of such amount; and
    • b. In any other case, Rs.10000.
  • 4. Deduction is not allowed from the following incomes:
    • a. Interest from Fixed deposits.
    • b. Interest from recurring deposits.
    • c. Any other times deposits.
  • 5. No TDS will be deducted u/s 194A, on interest income from saving account held with banks, co-operative societies and post offices up to the amount of Rs.10000.

  Section 80TTB

  • 1. Eligibility: Deduction u/s 80TTB is available to an assesses who is a senior citizen.
  • 2. Deduction is allowed from the following incomes
    • a. Interest on bank deposits (savings or fixed)
    • b. Interest on deposits with co-operative societies carrying on banking business.
    • c. Interest on post deposits.
  • 3. Deduction limit:
    • a. In a case where amount of such income does not exceed in the aggregate Rs. 50,000, the whole of such amount; and
    • b. In any other case, Rs.50000.
  • Analysis :

    In the following conditions 80TTA will be applicable:

    Sr no Residential status Assessee Type Senior citizen or not
    1 Resident and Individual and Not a Senior citizen
    2 Resident and HUF and Not a Senior citizen
    3 Non-Resident and Individual and Not a Senior citizen
    4 Non-Resident and HUF and Not a Senior citizen
    5 Non-Resident and Individual and Senior citizen
    6 Non-Resident and HUF and Senior citizen
    7 NOR and Individual and Not a Senior citizen
    8 NOR and HUF and Not a Senior citizen
    9 Resident and HUF and Senior citizen
  • In the following conditions 80TTB will be applicable:

    Sr no Residential status Assessee Type Senior citizen or not
    1 Resident and Individual and Senior citizen
    2 NOR and HUF and Not a Senior citizen