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of <h1>Senior citizens allowed up to ?50,000 deduction on bank and post office deposit interest under Section 80TTB; firms excluded</h1> A resident individual aged sixty or more is allowed a deduction from total income for interest on deposits with banks, banking co-operative societies or the Post Office: the whole interest if the aggregate does not exceed fifty thousand rupees, otherwise a deduction of fifty thousand rupees. No deduction is permitted for interest derived from deposits held by or on behalf of a firm, association of persons or body of individuals in respect of any partner, member or individual. 'Senior citizen' means a resident individual who attains age sixty in the relevant previous year.
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