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of <h1>Section 80TTB: Senior Citizens Can Deduct Up to 50,000 Interest Income from Bank, Co-op, Post Office Deposits</h1> Clause 30 of the Finance Bill, 2018 introduces Section 80TTB to the Income-tax Act, effective April 1, 2019. It allows senior citizens, defined as individuals aged 60 or above, to claim a deduction on interest income from deposits up to fifty thousand rupees. This applies to deposits with banking companies, co-operative societies engaged in banking, or Post Offices. The deduction is not available for interest income from deposits held by or on behalf of firms, associations, or bodies of individuals, and cannot be claimed by partners or members of such entities.
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