Rebate under sec 80 tta
This query is : Resolved
Deepak suri
(Querist)
31 May 2013
I have a saving bank a/c with sweep in facility ,where in the excess cash is automatically converted to FD by the bank and the FD,s are liquidated as and when cash is required to be withdrawn,thereby crediting interest accrued for the period in the saving a/c.please clarify weather this interest is eligible for deduction under sec 80 TTA.
CMA Ramesh Krishnan
(Expert)
16 June 2013
Sec.80TTA not available for time deposits such as fixed deposits, it is only available on interest on savings account
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