Section 80TTB → Section 153
Deduction in respect of interest on deposits in case of senior citizens
Quick Answer
Section 80TTB of the Income Tax Act, 1961 (Deduction in respect of interest on deposits in case of senior citizens) corresponds to Section 153 of the Direct Tax Code 2025 (Income-tax Act, 2025), effective 1st April 2026. Status: Retained.
Sec 80TTB
Provision Summary
Allows deduction up to Rs. 50,000 for interest earned on deposits (including FDs) by senior citizens.
Sec 153
Provision Summary
Merged into Section 153. Fully retained as the core financial shield for retirees.
Key Changes & Highlights
- Prevents TDS under Section 194A up to the specified limit.
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Frequently Asked Questions
What does Section 80TTB of the Income Tax Act 1961 deal with?
Section 80TTB (Deduction in respect of interest on deposits in case of senior citizens) Allows deduction up to Rs. 50,000 for interest earned on deposits (including FDs) by senior citizens.
What is the new section number for Section 80TTB under the Direct Tax Code 2025?
Section 80TTB of the ITA 1961 maps to Section 153 of the Direct Tax Code 2025 (Income-tax Act, 2025), effective from 1st April 2026.
What is the status of Section 80TTB under the new tax code?
Section 80TTB is marked as "Retained" with status "Merged". Impact: High - Crucial for the elderly relying on fixed deposit interest.
What are the key changes to Section 80TTB under DTC 2025?
Prevents TDS under Section 194A up to the specified limit.
Disclaimer: This page is for educational and reference purposes only. Section mappings are based on publicly available drafts and circulars. Always consult a qualified Chartered Accountant before filing or making compliance decisions under the Direct Tax Code 2025.
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