This section is specially for senior citizens who are aged 60 years and above. The Section 80TTB provides the taxpayer relief from paying income tax to some extent by providing a rebate for few of the following deductions
Under this section, senior citizens can avail for a deduction amount of less than Rs 50,000 or an amount from a specified income.
If in case, the specified deposits are held by an association of persons or a partnership firms or a body of the individual, then Section 80TTB deduction is not available for the partner of such a firm or for any of the members of such associations (AOP or BOI).