How Section 80TTA Benefits Your Interest Income Savings

Section 80TTA of the Income Tax Act permits a deduction on interest income derived from savings accounts up to ₹10,000 annually. It is applicable to individuals and Hindu Undivided Families (HUFs), while senior citizens benefit from a larger deduction of ₹50,000 per annum on savings and fixed deposit (FD) interest under Section 80TTB.