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Insertion of new section 80TTB-Deduction in respect of interest on deposits in case of senior citizens

Clause 30 - Bills - DIRECT TAXES - Income-tax - FINANCE BILL, 2018 - Clause 30 - 30. Insertion of new section 80TTB. After section 80TTA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2019, namel .....

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anking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act); (b) a co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage ban .....

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uting the total income of the assessee, a deduction- (i) in a case where the amount of such income does not exceed in the aggregate fifty thousand rupees, the whole of such amount; and (ii) in any other case, fifty thousand rupees. (2) Where the inco .....

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me of any partner of the firm or any member of the association or any individual of the body. Explanation.-For the purposes of this section, senior citizen means an individual resident in India who is of the age of sixty years or more at any time dur .....

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ere the gross total income of an assessee, being a senior citizen, includes any income by way of interest on deposits with a banking company to which the Banking Regulation Act, 1949, applies (including any bank or banking institution referred to in .....

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