(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, 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,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.
