<Tr> <Td> 80TTA </Td> <Td> Deduction in respect of interest on deposits in savings account </Td> <Td> Section 80TTA is introduced wef A.Y. 2013 - 14 to provide deduction to an individual or a Hindu undivided family in respect of interest received on deposits (not being time deposits) in a savings account held with banks, cooperative banks and post office . The deduction is restricted to Rs 10,000 or actual interest whichever is lower . </Td> </Tr> <Tr> <Td> 80TTB </Td> <Td> Deduction on interest of time deposits for Senior Citizen </Td> <Td> Section 80TTB is introduced w.e.f F.Y 2018 - 19 to provide deduction specifically to senior citizen (60 years or more) of Rs 50,000 or the amount of interest on deposits whichever is lower . This section includes the post office deposits, bank deposits (FD or savings both) or deposits in cooperative society engaged in banking . <P> Consequential amendment have been made in section 194A in respect of TDS of senior citizens . Now, no TDS shall be deducted on the interest from FD up to Rs. 50,000 in case of senior citizens . Further, it is to be noted that as section Section 80TTB has been introduced exclusively for senior citizens, so no deduction under Section 80TTA shall be available to senior citizens . </P> </Td> </Tr> <P> Consequential amendment have been made in section 194A in respect of TDS of senior citizens . Now, no TDS shall be deducted on the interest from FD up to Rs. 50,000 in case of senior citizens . Further, it is to be noted that as section Section 80TTB has been introduced exclusively for senior citizens, so no deduction under Section 80TTA shall be available to senior citizens . </P> <Tr> <Td> 80U </Td> <Td> Deduction in case of a disabled person </Td> <Td> If an assessee furnishes the certificate issued in a prescribed format from a notified' medical authority', then shall become eligible to avail this deduction . The quantum of deduction shall be Rs. 75,000 in case of a person with disability . However, in case of severe disability the deduction shall be raised to Rs. 1, 25,000.In this deduction, a person can claim deduction when he himself is disabled . </Td> </Tr>

Who receives the tax deducted from a person pay