Section 80TTB Deduction: Senior Citizens Interest Income (Up to ₹50,000)
धारा 80TTB वरिष्ठ नागरिक ब्याज कर छूट (₹50,000)
Comprehensive guide to Section 80TTB of the Income Tax Act for Senior Citizens (aged 60 years or more): claiming up to ₹50,000 deduction on interest income earned from Bank Savings, Fixed Deposits (FDs), Recurring Deposits (RDs), and Post Office schemes under the Old Tax Regime.
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Key Statutory Highlights (FY 2026-27 (AY 2027-28))
Who is Eligible & When Does it Apply?
Resident individuals who are 60 years of age or older during the relevant financial year.
Step-by-Step Procedure & Compliance Roadmap
Download Bank Interest Certificates
Collate interest certificates for all savings accounts, term deposits, and SCSS accounts.
Report Total Interest under 'Other Sources'
Add the gross interest figure to your total income in the ITR.
Claim up to ₹50,000 under Section 80TTB
Enter the deduction in Schedule VIA under the Old Tax Regime.
Submit Form 15H to Banks
Submit Form 15H to branch managers in April to prevent unnecessary TDS deduction.
Mandatory Documents Checklist
Common Mistakes & Compliance Risks to Avoid
Frequently Asked Questions
Is Section 80TTB available to Non-Resident Senior Citizens (NRIs)?
No. Section 80TTB is restricted strictly to Resident individuals who are 60 years of age or older. NRI senior citizens are not eligible for 80TTB (they can claim 80TTA on savings interest up to ₹10,000).
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