Deduction under section 80tta
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 December 2012
As per section 80TTA inserted w.e.f. AY 13-14, provides deduction upto Rs. 10,000 in respect of income by way of interest on deposits (not being time deposits) in a savings account with - (one of them being) a banking company. Now "not being time deposits" means "Fixed Deposits". Would "Recurring Deposits" also fall under "time deposits"?. If yes, then it means, in a layman's language, only interest on balance in bank savings account is exempted from tax upto Rs. 10K.
CA CS Amit S. Kedia
(Expert)
11 December 2012
Both fixed and recurring deposits are time deposits..
In short, only saving bank interest upto Rs. 10K is exempt.
In short, only saving bank interest upto Rs. 10K is exempt.
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