Deduction in respect of interest on deposits in case of senior citizens - (New) Section 153 / (Old) Section 80TTB

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... • An assessee who is an individual, being a senior citizen; • shall be allowed a deduction from the gross total income where it includes interest income on any deposit in a savings account other than time deposit. • subject to conditions specified in section 153(2)(a), Eligible Depositories Interest should arise from deposits with the following inst....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rom any deposit in a savings account held by, or on behalf of, • a firm, • an association of persons or • a body of individuals, • no deduction shall be allowed under this section in respect of such income in computing the total income of • any partner of the firm or • any member of such association or • any....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... of banking, including a co-operative land mortgage bank or a co-operative land development bank; • Interest on post office deposits. Exception: If the specified deposits are held by or on behalf of a partnership firm, an association of persons (AOP) or a body of individuals (BOI), Section 80TTB deduction is not available for the partner of such a firm or for any membe....