Deduction in respect of interest on deposits in savings account.

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..... on 80TTB)] being an individual or a Hindu undivided family, includes any income by way of interest on deposits (not being time deposits) in a savings account with- ( a ) a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act); ( b ) a co-operative society engaged in carrying on the bus .....

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..... lowed under this section in respect of such income in computing the total income of any partner of the firm or any member of the association or any individual of the body. Explanation . -For the purposes of this section, time deposits means the deposits repayable on expiry of fixed periods. ******************** Notes:- 1. Inserted vide Finance Act, 2012, w.e. .....

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