Income Tax Act, 2025
Section 2: Ins. by Act 13 of 2018, s. 31 (w.e.f. 12019).
2. Ins. by Act 13 of 2018, s. 31 (w.e.f. 12019).
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there shall, in accordance with and subject to the provisions of this section, be allowed, in computing
the total income of the assessee a deduction as specified hereunder, namely:—
(i) in a case where the amount of such income does not exceed in the aggregate ten thousand
rupees, the whole of such amount; and
(ii) in any other case, ten thousand rupees.
(2) Where the income referred to in this section is derived from any deposit in a savings account 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.
Explanation.—For the purposes of this section, “time deposits” means the deposits repayable on
expiry of fixed periods.]
1[80TTB. Deduction in respect of interest on deposits in case of senior citizens.—(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, 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 cooperative land mortgage bank or a co-operative land development bank); or
(c) a Post Office as defined in clause (k) of section 2 of the Indian Post Office Act, 1898,
there shall, in accordance with and subject to the provisions of this section, be allowed, in computing 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 income referred to in sub-section (1) is derived from any deposit 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.
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.]
2[D.—Other deductions
80U. 3[Deduction in case of a person with disability.—4[(1) In computing the total income of an
individual, being a resident, who, at any time during the previous year, is certified by the medical
authority to be a person with disability, there shall be allowed a deduction of a sum of seventy-five
thousand rupees:
in a case where the amount of such income does not exceed in the aggregate ten thousand
rupees, the whole of such amount; and
in any other case, ten thousand rupees.
Where the income referred to in this section is derived from any deposit in a savings account 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.
Explanation.—For the purposes of this section, “time deposits” means the deposits repayable on
expiry of fixed periods.]
1[80TTB. Deduction in respect of interest on deposits in case of senior citizens.—
Where 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 section 51 of that Act);
a co-operative society engaged in carrying on the business of banking (including a cooperative land mortgage bank or a co-operative land development bank); or
a Post Office as defined in clause
of section 2 of the Indian Post Office Act, 1898,
there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the
total income of the assessee, a deduction—
in a case where the amount of such income does not exceed in the aggregate fifty thousand
rupees, the whole of such amount; and
in any other case, fifty thousand rupees.
Where the income referred to in sub-section
is derived from any deposit 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.
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.]
2[D.—Other deductions
80U. 3[Deduction in case of a person with disability.—4[
In computing the total income of an
individual, being a resident, who, at any time during the previous year, is certified by the medical
authority to be a person with disability, there shall be allowed a deduction of a sum of seventy-five
thousand rupees: