IT Deductions

Section 80RRB of the Income Tax Act, 1961, provides for a deduction in respect of royalty income received by an individual or a Hindu Undivided Family (HUF) for a patent registered on or after April 1, 2003 under the Patents Act, 1970. This section is aimed at encouraging research and development in the field of […]

Section 80TTA of the Income Tax Act, 1961 provides for a deduction in respect of interest on deposits in savings account. This deduction is available to individuals and Hindu Undivided Families (HUFs). However, senior citizens are not eligible for this deduction as they have a separate deduction under Section 80TTB for interest on deposits in

Section 80TTB of the Income Tax Act, 1961 provides a special deduction to senior citizens in respect of the interest income earned from their deposits. This deduction is applicable only to individuals who are 60 years or above in age. Eligibility Criteria Section 80TTB is applicable to individual taxpayers who are senior citizens. In the

Section 80U of the Income Tax Act provides relief to individuals with disabilities by allowing them to claim deductions on their taxable income. This section applies to both resident and non-resident individuals with disabilities. It aims to reduce the financial burden on persons with disabilities and promote their overall well-being. The section outlines the conditions