Deduction under section 80TTB for senior citizens allows exclusion of interest income for resident seniors. Deduction under section 80TTB applies to interest income from bank deposits received by an individual who qualifies as a senior citizen. The provision is ... Summary
Deduction under section 80TTB for senior citizens allows exclusion of interest income for resident seniors.
Deduction under section 80TTB applies to interest income from bank deposits received by an individual who qualifies as a senior citizen. The provision is limited to resident senior citizens and permits a deduction specifically for interest arising from bank deposits. Senior citizen is defined as an individual who attains the age of sixty years or more during the previous year.
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