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Deduction under section 80tta

This query is : Resolved 

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Querist : Anonymous

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Querist : Anonymous (Querist)
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.

Both fixed and recurring deposits are time deposits..
In short, only saving bank interest upto Rs. 10K is exempt.



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