The two sections side by side
| Section 80TTA | Section 80TTB | |
|---|---|---|
| Age band | Below 60 | 60–79 and 80+ |
| Base | Savings-account interest | Statutory base covers deposits; this tool's MVP scope uses savings-account interest |
| Cap | ₹10,000 | ₹50,000 |
| Regime | Old only | Old only |
The calculation the engine makes is simple: it takes the savings interest you entered, applies the cap for your age band, and prints the used amount. When the age band changes, the section itself changes — the calculator adds a note explaining the substitution between the two sections. Keep the statute’s deposit-interest base in mind at filing time; for the estimate, this page is deliberately careful about what the tool models.
Frequently asked questions
What is the difference between section 80TTA and 80TTB?
Section 80TTA deducts up to ₹10,000 of savings-account interest for taxpayers below 60. Section 80TTB, for taxpayers aged 60 and over, has a ₹50,000 cap whose statutory base includes deposits. This calculator keeps to the plan's simplified MVP scope and computes the deduction from savings-account interest only, so the 80TTB modelled here is a lower bound for seniors.
How do I claim it?
You do not enter the deduction — the calculator computes it from the savings interest you entered and the age band, and shows it as a line in the deduction waterfall.
Is the deduction available in the new regime?
No. 80TTA and 80TTB are old-regime Chapter VI-A deductions.
Why do senior citizens get a bigger 80TTB band?
It is a policy choice of the law: deposit interest is a major income source for retirees, so the ₹50,000 of section 80TTB acknowledges the fixed-deposit component plus the savings-account component instead of just the savings base.
Is FD interest still taxed at slab rates?
Yes, fixed-deposit interest keeps its slab-rate treatment — below 60 there is no deduction on it, and even at 60+ the ₹50,000 deduction is limited to ₹50,000 in total with the balance taxed at slabs.