New Delhi, July 17 -- As income tax return filing for Financial Year (FY) 2024-25 gains traction, taxpayers across the nation, especially senior citizens, are looking for ways to reduce and bring down their overall tax liability. Two key provisions of the Income Tax Act i.e., Section 80TTA and Section 80TTB provide deductions on the interest income for those selecting the old tax regime.

Section 80TTA permits individuals below 60 years of age and Hindu Undivided Families (HUFs) to claim a deduction of up to Rs.10,000 on interest earned from savings accounts held in banking institutions, post offices or cooperative societies. This particular benefit applies only if the taxpayer files under the old tax regime. Furthermore, this deduction d...