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A tax deduction under Section 80TTB offers significant relief to senior citizens on interest income, but many lose out on benefits due to common errors. Understanding **what are common mistakes when claiming 80TTB** is crucial for maximizing your financial security and avoiding compliance issues.
Over 96% of eligible senior citizens depend on interest income for retirement expenses. Section 80TTB of the Income Tax Act, which provides a deduction of up to ₹50,000 on interest income for senior citizens, is a valuable relief measure. However, not everyone can claim this benefit, and understanding who is not eligible for 80TTB is crucial to proper tax planning. This includes non-senior individuals, non-resident Indians, and specific non-individual entities.
For senior citizens, managing tax obligations can be complex. In fact, many rely heavily on interest income for retirement, making tax deductions crucial for financial stability. This guide explains the rules surrounding the question: can a senior citizen claim both standard deduction and 80TTB?
