https://www.taxtmi.com/acts?id=49151 An individual (senior or non-senior) or a Hindu undivided family may claim a deduction from gross total income for interest on deposits with specified banks, cooperative banking societies or Post Office. The deduction caps interest from savings account deposits at ten thousand rupees for non-seniors and HUFs and at fifty thousand rupees for senior individuals (seniors' limit covering time deposits). Interest on savings account deposits held by or on behalf of firms, associations or bodies of individuals is not deductible for partners or members. 'Time deposits' are deposits repayable on expiry of fixed periods. en-us Fri, 14 Feb 2025 17:15:32 +0530 Fri, 14 Feb 2025 17:15:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=49151 An individual (senior or non-senior) or a Hindu undivided family may claim a deduction from gross total income for interest on deposits with specified banks, cooperative banking societies or Post Office. The deduction caps interest from savings account deposits at ten thousand rupees for non-seniors and HUFs and at fifty thousand rupees for senior individuals (seniors' limit covering time deposits). Interest on savings account deposits held by or on behalf of firms, associations or bodies of individuals is not deductible for partners or members. 'Time deposits' are deposits repayable on expiry of fixed periods. Act-Rules Bills Fri, 14 Feb 2025 17:15:32 +0530 https://www.taxtmi.com/acts?id=49151