Deduction in respect of interest income to senior citizen
A deduction upto Rs 10,000 is allowed under section 80TTA to an assessee in respect of interest income from
savings account.
Proposed amendment: A new section 80TTB proposed to be inserted to enhance such deduction to Rs.50,000 from the existing limit of Rs. 10,000 for senior citizens. Moreover, the benefit of such deduction is proposed to exteneded to interest on fixed deposits and recurring deposits.