Section 80TTB Income-tax Act, 1961 deductions and eligibility for senior citizens, explained

Section 80TTB of the Income Tax Act, 1961, introduced by the Finance Act 2019, provides certain benefits to senior citizens in the form of tax deductions. It allows them to claim a deduction of up to ₹50,000 on their income from interest earned on deposits held with banks, post offices, and cooperative societies. Let us understand …

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