(1)Where the gross total income of an assessee [(other than the assessee referred to in section 80TTB)] [Inserted by Finance Act, 2018 (Act No. 13 of 2018), dated 29.3.2018.], being an individual or a Hindu undivided family, includes any income by way of interest on deposits (not being time deposits) in a savings account 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 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.
