DOS AND DON’TS ON THESE BENEFITS

▶ Deduction can be claimed under either Section 80TTA or 80TTB, not both

▶ No deduction under Section 80TTA can be claimed on interest earned on time deposits, fixed deposits, or recurring deposits

▶ Deduction can be claimed on interest earned on time deposits under Section 80TTB

▶ Deduction under either Section 80TTA or 80TTB can’t be claimed on the amount for which exemption has been claimed under Section 10(15)(i)

▶ Ensure you cross-check your total interest income and TDS deducted on it using Form 26AS Source: Taxmann