Take Income Tax Benefit Under Section 80TTB AY 2020-21
Section 80TTB AY 2020-21 is for senior and super senior citizens. And under this section bank will not deduct your TDS upto rs. 50,000.
How To Show Interest Income In ITR
When you file your ITR-1,you should put interest income under 80TTB column and at the same time the same amount be entered in Income From other Sources head.
If Interest Income Is > 50,000
In case your income from other sources like FD interest etc.. is more than 50,000 then Bank will deduct TDS 10% of that specific income.
80TTA VS 80TTB
Section 80TTA is for salaried employees and 80TTB for senior citizens.
Hence if you are senior citizen then you can only take tax deduction under 80TTB only.
And in case you are salaried employee, you can only take income tax deduction under 80TTA only.
Suppose you are senior citizen.And your income from other Sources is rs. 50,000,then you can take only deduction of rs 50,000 under 80TTB income tax section.
Similarly,if you are salaried employee, you can take maximum deduction of rs. 10,000 u/a 80TTA.
Finally we can say you can not take deduction under the two sections at the same time.
Hence, under 80TTB,you can take maximum rs 50,000 deduction And under this section you can take rs 10,000 deduction.