{"act":{"id":"finance-act-2018","short_title":"The Finance Act, 2018","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2018-2019.","act_number":"13","act_year":2018,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":227,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2018/"},"unit":"section","section":{"number":"32","heading":"Insertion of new section 80TTB","text":"Insertion of new section 80TTB. 32. After section 80TTA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2019, namely:— '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 (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 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 (6 of 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.'.","html":"<p><b> Insertion of new section 80TTB.</b></p><p><b> 32.</b> After section 80TTA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2019, namely:—</p><p>'80TTB. <i>Deduction in respect of interest on deposits in case of senior citizens.</i>—(1) Where the gross total income of an assessee, being a senior citizen, includes any income by way of interest on deposits with—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>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);</td></tr><tr><td>(<i>b</i>)</td><td></td><td>a co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank or a co-operative land development bank); or</td></tr><tr><td>(<i>c</i>)</td><td></td><td>a Post Office as defined in clause (<i>k</i>) of section 2 of the Indian Post Office Act, 1898 (6 of 1898),</td></tr></table></div><p>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—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in a case where the amount of such income does not exceed in the aggregate fifty thousand rupees, the whole of such amount; and</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>in any other case, fifty thousand rupees.</td></tr></table></div><p><span class=\"num\">(2)</span> 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.</p><p><i>Explanation</i>.—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.'.</p>","words":302,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2018/section/32/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}