RD interest and 80TTA

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Student CA Final
310 Points Posted on 07 July 2020
whether interest earned on RDs are deductible u/s 80TTA. ??
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On 07 July 2020 at 12:08 Report
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This discussion clarifies whether interest earned on Recurring Deposits (RDs) is eligible for deduction under Section 80TTA of the Income Tax Act. The consensus is that RDs are considered time deposits, and therefore, the interest earned is not deductible under Section 80TTA. However, senior citizens may be eligible for deductions under Section 80TTB.

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Profession
28267 Points Posted on 07 July 2020
There are two sections 80TTA AND 80TTB..
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On 07 July 2020 at 12:47
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Student CA Final
310 Points Posted on 07 July 2020
My question is regarding 80TTA which is mentioned in the subject as well.
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On 07 July 2020 at 12:52
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Practice
4510 Points Posted on 07 July 2020
Originally posted by : Rahul Rustagi
whether interest earned on RDs are deductible u/s 80TTA. ??

Any income by way of interest on deposits (not being time deposits) in a savings account deduction u/s 80TTA allowed 

here Time Deposit Means the deposits repayable on expiry of fixed periods

Therefore in Your case RD is a deposit which is repayable after expiry of period so that you are not eligible for deduction u/s 80TTA 

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On 07 July 2020 at 14:32
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Profession
28267 Points Posted on 07 July 2020
Age of the assesse is important.
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On 07 July 2020 at 15:32
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66 Points Posted on 07 July 2020
No , it is not deductible u/s 80TTA
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On 07 July 2020 at 18:09
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150 Points Posted on 07 July 2020
It is not deducted u/s 80TTA however if an asessee is a senior citizen then it is deductible u/s 80TTB
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On 07 July 2020 at 19:14
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Student CA Final
310 Points Posted on 11 July 2020
Thanks a lot.
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On 11 July 2020 at 18:44

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