New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Which of the following section deals with deduction in

    respect of Interest on deposits in savings/FD account in case of resident senior citizens? 
    A 80TTA Correct Answer Incorrect Answer
    B 80C Correct Answer Incorrect Answer
    C 80D Correct Answer Incorrect Answer
    D 80TTB Correct Answer Incorrect Answer
    E 80DA Correct Answer Incorrect Answer

    Solution

    Section 80TTB allows a deduction of up to Rs. 50,000 in respect of interest income on all types of deposits (savings, fixed, recurring, etc.) for resident senior citizens (individuals who are 60 years of age or above). 

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