Section 80 TTA of Income Tax Act "Deduction in respect of interest on deposits in savings account"
80TTA. (1) Where the gross total income of an assessee
(other than the assessee referred to in section 80TTB),
being an individual or a Hindu undivided family, includes
any income by way of interest on deposits (not being time
deposits) in a savings account with-
(a) a banking company to which the Banking Regulation Act,
1949 (10 of 1949), applies (including any bank or banking
institution referred to in section 51 of that Act);
(b) a co-operative society engaged in carrying on the
business of banking (including a co-operative land mortgage
bank or a co-operative land development bank); or
(c) a Post Office as defined in clause (k) of section 2 of
the Indian Post Office Act, 1898 (6 of 1898),
there shall, in accordance with and subject to the
provisions of this section, be allowed, in computing the
total income of the assessee a deduction as specified
hereunder, namely:-
(i) in a case where the amount of such income does not
exceed in the aggregate ten thousand rupees, the whole of
such amount; and
(ii) in any other case, ten thousand rupees.
(2) Where the income referred to in this section is derived
from any deposit in a savings account held by, or on behalf
of, a firm, an association of persons or a body of
individuals, no deduction shall be allowed under this
section in respect of such income in computing the total
income of any partner of the firm or any member of the
association or any individual of the body.
Explanation.-For the purposes of this section, "time
deposits" means the deposits repayable on expiry of fixed
periods.
What is Deduction in respect of income of co-operative societies? Section 80P of Income Tax Act 1961
What is Deduction in respect of royalty on patents? Section 80RRB of Income Tax Act 1961
Section 80TTB Deduction in respect of interest on deposits in case of senior citizens
What is Deduction in case of a person with disability? Section 80U of Income Tax Act 1961