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Section 80TTB – Deduction of Interest to Senior Citizens

Table of Contents

This section is inserted in budget 2018 and is applicable from financial year 2018-19.

When a senior citizen receives interest on deposits with

  • a bank
  • a co-operative bank
  • a post office

then he is allowed a deduction of such interest up to maximum limit of Rs. 50,000. Also note that deduction is allowed on interest received from any type of deposit not just saving account’s interest as in case of section 80TTA.

“Senior citizen” means an individual resident in India who is of the age of sixty years or more at any time during the relevant year.

If the interest is received on deposit held on behalf of firm, AOP or BOI then no deduction is allowed under this section.

 

Rohit Pithisaria

I am a Chartered Accountant based in Jaipur (Rajasthan). Started TaxAdda in 2011 as a blog and now providing various service related to GST and Income Tax to the client all over India. Also writing actively for TaxAdda blog and our e-Magazine on GST & Income Tax.

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