Purpose: Eases financial burdens for Indian seniors through tax deductions.
Eligibility: Must be a resident individual aged 60 years or older.
Deduction Limit: Up to INR 50,000 on interest income per year.
Types of Income: Includes bank FDs, SCSS, and post office deposits.
Exclusions: NRIs and those opting for the new tax regime are ineligible.
Calculation: Deduction applies to interest income exceeding INR 50,000.
Documentation: Maintain bank statements and interest certificates for records.
Comparison: Contrasts with Section 80TTA, which applies to savings account interest for individuals under 60 years.