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

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..... its in case of senior citizens. 80TTB. (1) Where the gross total income of an assessee, being a senior citizen, includes any income by way of interest on deposits with- (a) a banking company to which the Banking 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 .....

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..... income 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 during the relevant previous year. . - Clause 30 of the Bill seeks to insert a new section 80TTB in the Income-tax Act relating to deduction in resp .....

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..... osit 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 the association or any individual of the body. It is also proposed to define the expression senior citizen . This amendment will take effect from 1st April, 201 .....

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