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Deduction of Rs. 50,000 to senior citizens on Interest income (Section 80 TTB)  August 1, 2018

Deduction in respect of interest on deposits in case of senior citizens [Sec. 80TTB] 

Deduction under section 80TTB is available (from the assessment year 2019-20), if the following conditions are satisfied  

I. The assessee is a senior citizen (i.e, a resident individual who is at least 60 years of age at any time during the previous year). 

2. His income includes interest on deposits with a bank/co-operative bank/post office (it may be interest on fixed deposits, interest on savings account or any other interest). 

-Amount of deduction If these conditions are satisfied, the assessee can claim deduction under section 80TTB which is equal to Rs. 50,000 or the amount of aforesaid interest, whichever is lower. 

Where the aforesaid income is derived from any deposit in an account held by, or on behalf of a firm, an association of persons or a body of individuals, no deduction shall be allowed in respect of such income in computing the total income of any partner of the firm or any member of the association or body.