Mainly two benefits are available :-
Section 80TTB of the Income Tax law
Section 80TTB of the Income Tax law gives provisions relating to tax benefits available on account of interest income from deposits with banks or post office or co-operative banks of an amount up to 50,000 rupees earned by the senior citizen (i.e., an individual of the age of 60 years or above). Interest earned on saving deposits and fixed deposit, both shall be eligible for deduction under this provision.
Section 194A of the Income Tax law
Section 194A of the Income Tax law gives corresponding provisions that no tax shall be deducted at source from payment of interest to a senior citizen up to 50,000 rupees.
Age for senior citizen
| Criteria for senior citizen | Criteria for very senior citizen |
| Must be of the age of 60 years or above but less than 80 year at any time during the respective year. Note:- Must be resident | Must be of the age of 80 years or above at any time during the respective year. Note:- Must be resident |
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