Deduction to Senior Citizens from Interest on Deposits [Section 80TTB]
• Section 80TTB provides deduction to an individual being a resident senior citizen from interest income earned on bank deposits held with:
Banking companies or institutions;
Co-operative societies engaged in banking business (including land mortgage or land development banks);
Post offices.
• Partners or members cannot claim deduction on interest income from deposits held by the firm/AOP/BOI.
• Deduction is allowed equal to the interest credited or Rs. 50,000, whichever is lower.