Section 80 TTB of Income Tax Act "Deduction in respect of interest on deposits in case of senior citizens"
80TTB. (1) Where the gross total income of an assessee,
being a senior citizen, includes any income by way of
interest on deposits 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-
(i) in a case where the amount of such income does not
exceed in the aggregate fifty thousand rupees, the whole of
such amount; and
(ii) in any other case, fifty thousand rupees.
(2) Where the income referred to in sub-section (1) is
derived from any deposit 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, "senior
citizen" means an individual resident in India who is of the
age of sixty years or more at any time during the relevant
previous year.
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