Interest deduction for senior citizens limits relief on interest from bank, co op and post office deposits.

Section 80TTB permits resident senior citizens to claim a deduction for interest income on deposits with banks, cooperative banks engaged in banking business, and the Post Office, allowing full deduction where aggregate interest falls below the statutory threshold and a fixed maximum deduction otherwise; deposits held by or on behalf of firms, associations of persons or bodies of individuals are excluded from deduction for partners or members. "Senior citizen" means a resident individual aged sixty years or more during the relevant previous year.

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