COMPARISON OF DEDUCTION U/S 80TTA & 80TTB.
|Applicable wef||AY 2013-14||AY 2019-20||Till AY 2018-19 80TTA 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 who may have taken 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 interest on FD.|
|Maximum deduction||10000||50000||Deductor to give remarks “R” for 80TTB till amount reaches 50,000|
|Where to claim||ITR (as TDS not applicable on interest on savings account)||TDS & ITR.|| |