Income Tax Bill 2025 facts: New draft is coming, quick passage expected with minimal changes for CA or CMA students. Despite selecting applicable Schedule (VI-A) in the first page of recently released ITR 2, I am not able to eclaim Deductions under VI-A ( 80TTB , 80 D), as the "Edit" button is disabled. Instead, they can avail a higher tax benefit under Section 80TTB for interest income from deposits. This clarifies that while general taxpayers and HUFs can use 80TTA for savings account interest (up to ₹10,000), senior citizens must use 80TTB (which offers a ₹50,000 deduction on interest from all types of deposits). Yes, FD interest is fully taxable. However, senior citizens can claim a deduction of up to Rs 50,000 on interest income under Section 80TTB (only in the old regime). Will a senior citizen with Rs 20 lakh income have to pay tax? Yes. Whether under the old or new tax regime, Rs 20 lakh income (from pension + FD) exceeds the exemption limits.
