Deduction for interest on deposits.

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..... n from the gross total income, subject to conditions specified in sub-section (2), where it includes income by way of interest on deposits with-- (i) 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); or (ii) a co-operative society engaged in carrying on the business of banking (in .....

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..... of persons or a body of individuals, no deduction shall be allowed 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. (4) In this section, "time deposits" means the deposits repayable on expiry of fixed periods. - Clause 153 of the Bill provides for certain deduction for interest .....

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