Budget 2024 can hike savings account interest deduction to Rs 50,000 from Rs 10,000

An individual opting for old tax regime is eligible to get deduction under Section 80TTA for the interest earned from savings bank account as well as post office savings account. However, since this deduction has been introduced, the amount of deduction has been kept unchanged. There is a need to hike this deduction in the interim budget 2024.

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