Tax
Section 80TTB
Also known as: Senior Citizen Interest Deduction, 80TTB Deduction
Tax deduction up to ₹50,000 on interest income available exclusively for senior citizens.
Detailed Explanation
Section 80TTB provides tax deduction up to ₹50,000 on interest income from savings accounts, fixed deposits, and post office schemes for senior citizens (60+ years). This deduction is over and above Section 80C limits. Particularly beneficial for SCSS and other interest-bearing investments for retirees.