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RD interest and 80TTA
whether interest earned on RDs are deductible u/s 80TTA. ??
Replies (7)
Quick Summary
There are two sections 80TTA AND 80TTB..
My question is regarding 80TTA which is mentioned in the subject as well.
| 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
Age of the assesse is important.
No , it is not deductible u/s 80TTA
It is not deducted u/s 80TTA however if an asessee is a senior citizen then it is deductible u/s 80TTB
Thanks a lot.
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