DEDUCTION U/S 80TTA & 80TTB
COMPARISON OF DEDUCTION U/S 80TTA & 80TTB
| Particulars | 80TTA | 80TTB | Remarks |
|---|---|---|---|
| Applicable w.e.f. | AY 2013-14 | AY 2019-20 | Till AY 2018-19, Section 80TTA was available to Senior Citizens also. |
| Deductor to whom applicable | Banks, Cooperative Banks, Post Offices etc. | Banks, Cooperative Banks, Post Offices etc. | Not applicable to other deductors like Companies accepting deposits. |
| Deductee to whom applicable | Individuals (other than Senior Citizens) & HUF | Senior Citizens | Either 80TTA or 80TTB can be claimed. |
| Residential Status of Deductee | Residents & Non-Residents | Residents Only | - |
| Type of Payment on which applicable | Interest on Savings Account | Interest on Savings Account & Fixed Deposits | No benefit to persons other than Senior Citizens for FD Interest. |
| Maximum Deduction | ₹10,000 | ₹50,000 | Deductor may give remark “R” for 80TTB till amount reaches ₹50,000. |
| Where to Claim | ITR (TDS generally not applicable on Savings Account Interest) | TDS & ITR | - |