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of <h1>Income Tax Bill 2025: Clause 153 Offers Interest Deduction for Deposits; Special Benefits for Senior Citizens</h1> Clause 153 of the Income Tax Bill, 2025, provides deductions for interest on deposits. It allows individuals and Hindu undivided families to deduct interest income from deposits with banks, cooperative societies, or post offices from their gross total income. Non-senior citizens and Hindu undivided families can deduct up to ten thousand rupees from savings accounts, excluding time deposits. Senior citizens can deduct up to fifty thousand rupees, including time deposits. No deductions are allowed for interest income from deposits held by firms, associations, or bodies of individuals for their members or partners. Time deposits are defined as those repayable after a fixed period.
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