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Deduction under section 80tta

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Querist : Anonymous

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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.
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CA CS Amit S. Kedia

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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.

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