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Does interest on Time Deposit enjoys tax benefits under the Income Tax Act?

April 26, 2017ACT Benefits deposit enjoys tax time

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Does interest on Time Deposit enjoys tax benefits under the Income Tax Act?

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The interest earned on Time Deposit qualifies for deduction under section 80L of the Income Tax Act within the limit of Rs. 12,000. The deposit as well as the interest earned is earned is exempted from the Wealth Tax.