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Section32
The Finance Act, 2018

Insertion of new section 80TTB

In force Act 13 of 2018 As on 10 Oct 2026

Act 13 of 2018 Ministry Finance Cited by 1 provision

Section 32 of the Finance Act, 2018 deals with insertion of new section 80TTB. 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.

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.'.

Section 32, The Finance Act, 2018 (Act 13 of 2018).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. Income-tax Act s. 80TTA Deduction in respect of interest on deposits in savings account

Referred to by 1

  1. s. First Schedule INCOME-TAX

Questions about Section 32

What does Section 32 of the Finance Act deal with?

Section 32 of the Finance Act is headed "Insertion of new section 80TTB". 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.

How do I find court cases under Section 32 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2018 32, section 32 Finance Act 2018, section 32 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 32 of the Finance Act, and has it changed?

Its own text turns on Income-tax Act 80TTA (Deduction in respect of interest on deposits in savings account), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When was the Finance Act enacted?

Finance Act was enacted in 2018 as Act 13 of 2018. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.