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          Income Tax

          Deduction in respect of interest on deposits in case of senior citizens - Section 80TTB

          Deductions (Chapter VIA)

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          Deduction for senior citizen interest on deposits expanded to allow specified relief for deposit interest while excluding other savings deductions. Insertion of Section 80TTB provides senior citizens a capped deduction for interest from bank deposits (savings and fixed), co operative banking society deposits (including co operative land mortgage and land development banks), and post office deposits, effective from 1 April 2019. Claiming this deduction precludes claiming the alternative savings interest deduction, and deposits held by or on behalf of a partnership, association of persons or body of individuals do not entitle partners or members to the deduction when computing their individual total income.
                            Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                              Provisions expressly mentioned in the judgment/order text.

                                  Deduction for senior citizen interest on deposits expanded to allow specified relief for deposit interest while excluding other savings deductions.

                                  Insertion of Section 80TTB provides senior citizens a capped deduction for interest from bank deposits (savings and fixed), co operative banking society deposits (including co operative land mortgage and land development banks), and post office deposits, effective from 1 April 2019. Claiming this deduction precludes claiming the alternative savings interest deduction, and deposits held by or on behalf of a partnership, association of persons or body of individuals do not entitle partners or members to the deduction when computing their individual total income.


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