This blog details the simplified tax relief measures, exemptions, and deductions for senior and super senior citizens in India, as outlined by the Income Tax Department. It covers key aspects of the Old and New Tax Regimes, specific deductions for pension and interest income, medical expenses, and relaxed ITR filing norms for Assessment Years 2025-26 and 2026-27, empowering retirees for better financial management.

This blog post provides a comprehensive overview of Sections 80TTA and 80TTB of the Income Tax Act and their impact on income tax exemptions and deductions. It covers the key features of each section, including the deduction limits, eligible taxpayers, and the types of interest income that qualify. The post explains how individuals (other than senior citizens) and Hindu Undivided Families (HUFs) can claim a deduction of up to ₹10,000 on interest earned from savings accounts under Section 80TTA. It also highlights the higher deduction limit of up to ₹50,000 for resident senior citizens aged 60 and above under Section 80TTB.

This blog post will provide a detailed comparison of Section 80TTA and Section 80TTB of the Income Tax Act, 1961. The post will cover the key differences between the two sections, including their eligibility criteria, deduction limits, and the types of accounts that qualify for deductions. The post will also provide a brief overview of the Income Tax Act and the role of deductions in reducing tax liability.