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of <h1>Senior Citizens Can Deduct Up to 50,000 on Interest Income from Deposits Under Section 80TTB, Excludes 80TTA Deductions</h1> Section 80TTB of the Income Tax Act allows senior citizens a deduction of up to 50,000 on interest income from deposits, effective from April 1, 2019. This deduction applies to interest from bank deposits, cooperative societies, and post office deposits. It excludes deductions under Section 80TTA for senior citizens. The deduction is not available for deposits held by partnership firms, associations of persons, or bodies of individuals. Section 80TTB provides a higher deduction limit compared to Section 80TTA, which is limited to 10,000 and applies only to savings account interest for individuals and Hindu Undivided Families, excluding senior citizens.
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