CA Classes

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Deduction under section 80tta

This query is : Resolved 


Querist : Anonymous

Profile Image
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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries


Trending Tags