A quick review (Limited Information) of the applicable provisions under the Income Tax Act for the F. Y. 2019-20 (A. Y. 2020-21), after incorporating amendments (only key and selective amendments) proposed by the Interim Union Budget of 2019, are given below for ready reference and information of our clients:-
Showing posts with label Form 12 BA. Show all posts
Showing posts with label Form 12 BA. Show all posts
Friday 14 June 2019
Tuesday 19 June 2018
Download All in One Income Tax Preparation Excel Based Software for Non-Govt employees for FY 2018-19 [ This Excel Utility at a time Tax Computed Sheet + Individual Salary Structure + Individual Salary sheet + Automatic H.R.A. Calculation + Automated Form 12 BA + Automated Form 16 Part A&B and Form 16 Part B for F.Y. 2018-19 ]
All in One Income Tax preparation Excel Based Software which most popularly known to all of the Taxpayers as well as all Govt and Non-Govt concerned. This All in One Specially designed for the Non-Govt employees in India.
You can easily prepare your Income Tax computed sheet with the help of universal Salary Structure which Salary structure is fit for any Non-Govt concerned.
The feature of this Utility:-
- Prepare at a time the Tax Computed Sheet + Salary Sheet + Automatic HRA Exemption Calculation
- New Tax Slab for F.Y. 2018-19
- Automated Income Tax Form 16 Part B and Part A&B for F.Y.2018-19
- Automated Form 12 BA
- Automatic Convert the Amount in Words
- All Income Tax Section has amended in this Excel Utility as per Budget 2018
Thursday 1 March 2018
Download All in One Income Tax Preparation Excel Based Software for Non-Govt employees for FY 2017-18 [ This Excel Utility at a time Tax Computed Sheet + Individual Salary Structure + Individual Salary sheet + Automatic H.R.A. Calculation + Automated Form 12 BA + Automated Form 16 Part A&B and Form 16 Part B for F.Y. 2017-18 ]
All in One Income Tax preparation Excel Based Software which most popularly known to all of Tax payers as well as all Govt and Non-Govt concerned. This All in One Specially designed for the Non-Govt employees in India.
You can easily prepare your Income Tax computed sheet with the help of universal Salary Structure which Salary structure is fit for any Non-Govt concerned.
Feature of this Utility:-
- Prepare at a time the Tax Computed Sheet + Salary Sheet + Automatic HRA Exemption Calculation
- New Tax Slab for F.Y.2017-18
- Automated Income Tax Form 16 Part B and Part A&B for F.Y.2017-18
- Automated Form 12 BA
- Automatic Convert the Amount in Words
- All Income Tax Section has amended in this Excel Utility as per Budget 2017
Saturday 27 August 2016
Click here to Download the Automatic All in One TDS on Salary for Non -Govt Employees for the F.Y 2016-17 ( Prepare at a time Individual Tax Compute Sheet + Individual Salary Structure + Automated HRA Exemption + Automated Form 16 Part A&B and Part B + Form 12 BA)
Section - 10 (5)
Exemption for Leave Travel Concession
The amount actually incurred in a performance of travel on leave to any place in India by the shortest route to that place is exempt. This is subject to a maximum of the air economy fare or AC 1st Class fare (if a journey is performed by the mode other than air) by such route.
The amount actually incurred in a performance of travel on leave to any place in India by the shortest route to that place is exempt. This is subject to a maximum of the air economy fare or AC 1st Class fare (if a journey is performed by the mode other than air) by such route.
Provided that the exemption shall be available only in respect of two journeys performed in a block of 4 calendar years.
Section - 10(10):
Gratuity Exemption
Descriptions :
Least of the following will be exempt
1. Amount received
2. Max Rs. 10,00,000
3. 15*/26 x LS x (CYS + Fraction 6 months)
LS : Last Month Salary Drawn (Salary means Basic + DA (both))
Section - 10(10A)
Commuted Pension, Actual Amount
Section - 10(10AA)
Leave Encashment upon Retirement
Other Employee Least of the following will be exempted
1.Amount Received
2.Rs. 3, 00,000
3.10 x AS
(LE or 30 days) Received by Employee During the Employment (Fully TAXABLE)
Note - Govt. Employee {Fully Exempt} Received by Legal Heir (Fully exempt)
Section - 10(10B)
Retrenchment Compensation
Least of the followings will be Exempt
1.Amount Received
2.Amount Calculated under “Industrial Dispute Act”
3.Rs.5,00,000
Note - Ref. Sec. 10(10B) of IT
Section - 10(10C)
VRS
Least of the followings will be Exempt
1.Amount Received
2.Rs.5,00,000
Note - Ref. Sec. 10(10C) of IT
Section - 10(13A)
HRA
The least of the following will be exempted
1.Amount received
2.50% or 40% of Salary
3.Rent paid less 10% of Salary
4.Salary means; Basic Salary+D.A
Section - 10(14)
Children Education Allowance.
Rs. 100 per month per child up to a maximum 2 children.
Section - 10(10):
Gratuity Exemption
Descriptions :
Least of the following will be exempt
1. Amount received
2. Max Rs. 10,00,000
3. 15*/26 x LS x (CYS + Fraction 6 months)
LS : Last Month Salary Drawn (Salary means Basic + DA (both))
Section - 10(10A)
Commuted Pension, Actual Amount
Section - 10(10AA)
Leave Encashment upon Retirement
Other Employee Least of the following will be exempted
1.Amount Received
2.Rs. 3, 00,000
3.10 x AS
(LE or 30 days) Received by Employee During the Employment (Fully TAXABLE)
Note - Govt. Employee {Fully Exempt} Received by Legal Heir (Fully exempt)
Section - 10(10B)
Retrenchment Compensation
Least of the followings will be Exempt
1.Amount Received
2.Amount Calculated under “Industrial Dispute Act”
3.Rs.5,00,000
Note - Ref. Sec. 10(10B) of IT
Section - 10(10C)
VRS
Least of the followings will be Exempt
1.Amount Received
2.Rs.5,00,000
Note - Ref. Sec. 10(10C) of IT
Section - 10(13A)
HRA
The least of the following will be exempted
1.Amount received
2.50% or 40% of Salary
3.Rent paid less 10% of Salary
4.Salary means; Basic Salary+D.A
Section - 10(14)
Children Education Allowance.
Rs. 100 per month per child up to a maximum 2 children.
Hostel expenditure Allowance on employee’s child
Rs.300 per month per child up to a maximum two children.
Note: Allowance granted to meet Hostel expenditure Allowance on employee’s child.
Deductions under section 80 of Income Tax Act:
Section - 80C:
General deduction for investment in PPF, PF, Life Insurance, ULIP, Stamp duty on a house, Fixed deposits for 5 years , bonds etc. Maximum Rs. 1,50,000 is allowed. Investment need not be from taxable income.
Section - 80CCC
Deduction in case of a contribution to pension fund. However, it should be noted that surrender value or employer contribution is considered income. Maximum is Rs 1,50,000.
Section - 80C:
General deduction for investment in PPF, PF, Life Insurance, ULIP, Stamp duty on a house, Fixed deposits for 5 years , bonds etc. Maximum Rs. 1,50,000 is allowed. Investment need not be from taxable income.
Section - 80CCC
Deduction in case of a contribution to pension fund. However, it should be noted that surrender value or employer contribution is considered income. Maximum is Rs 1,50,000.
Section - 80CCD (1):
Deduction in respect to contribution to the new pension scheme. Employees of central and others are eligible.
The maximum is the sum of employer’s and employee’s contribution to the maximum: 10 % of salary.
Section - 80CCD (2): Employer’s Contribution towards employees Pension Fund ( This deduction additional amount of 80C 1.5 Lakh)
Section - 80CCD (1B): Additional deduction Max Rs. 50 thousand In NPS Account, out of 1.5 Lakh U/s 80C
Section - 80D
Medical insurance on self, spouse, children or parents. The deduction is also allowable for CGHS contribution to Central and State scheme. It is also for conducting health check up to Rs 6000.
Section - 80D
Medical insurance on self, spouse, children or parents. The deduction is also allowable for CGHS contribution to Central and State scheme. It is also for conducting health check up to Rs 6000.
And Rs 25,000 for self, spouse & children. Extra Rs. 25,000 for medical insurance.
For Sr. Citizen above 60 Years can avail Rs. 30,000/-. Thus maximum is RS 55,000 per annum.
Section - 80DD
For maintenance including treatment or insurance, the lives of physical disable dependent relatives
Rs 50,000. In case of disability is severe, the amount is Rs 1,50,000.
Section - 80DD
For maintenance including treatment or insurance, the lives of physical disable dependent relatives
Rs 50,000. In case of disability is severe, the amount is Rs 1,50,000.
Section - 80DDB
For medical treatment of self or relatives suffering from specified disease. The actual amount paid to the extent of Rs 40,000. In the case of a patient being Sr Citizen, the amount is Rs 80,000.
Section - 80E
For interest payment on loan is taken for higher studies for self or education of spouse or children. The actual amount paid as interest and start from the financial year in which he /she starts paying interest and runs till the interest is paid in full. Watch the video on 80E.
Section - 80EE
Interest on home loan sanctioned during F. Y. 2016-17. Maximum Rs 1.5 lakh.
Section - 80G:
Donations to a charitable institution. 100% or 50% of an amount of donation made to 19 entities (National defense fund, Prime minister relief fund etc). For Asst Yr 2016-17, National Children Fund will also get 100% deduction.
Section - 80GG
For rent paid. This is only for people not getting any House Rent Allowance. The maximum is Rs 5000 per month or Rs.60000/- P.A.
Section - 80GGA:
For the donation to entities in scientific research or rural development Fund. Only those taxpayers who have no business income can claim this deduction .The maximum is equivalent to 100 % of the donation. Note: Cash payment not allowed.
Section - 80TTA
Individual & HUF having interest in Savings Bank Account Rs 10000 maximum Limit
Section - 80U
Deduction in respect of permanent physical disability including blindness to the taxpayer, RS 75,000 which goes to Rs 1,50,000 in case taxpayer is suffering from severe disability.
Section - 87A
Rebate to individual having below 5 lakh taxable income, Amount of tax of Rs 5,000/-
Deduction in respect of permanent physical disability including blindness to the taxpayer, RS 75,000 which goes to Rs 1,50,000 in case taxpayer is suffering from severe disability.
Section - 87A
Rebate to individual having below 5 lakh taxable income, Amount of tax of Rs 5,000/-
Thursday 7 July 2016
According to the income tax guidelines, income tax is deductible annually for each financial year commencing from 1st of April and ending on the 31st March. The responsibility of the employer has been affixed by the Income-tax Department to deduct income tax from the salary of employees monthly on a proportionate basis and deposit before the due date ( Monthly) as prescribed and report same to Income tax Department (quarterly as well as annually). The aggregate tax calculated on the estimated projected income will be deducted proportionately in 12 months, thus the assessment needs to be done on at the start of the year.
Download All in One TDS on Salary for Private employees for F.Y.2016-17 & A.Y.2017-18 [ This Excel utility can prepare at a time Tax Compute Sheet ( Income tax Declaration )+ Automatic H.R.A. Exemption Calculation + Individual Salary Structure as per Private Concerned Salary Pattern + Automatic Form 16 Part A&B + Automatic Form 16 Part B for F.Y.2016-17 + Form 12 BA, as per Finance Budget 2016-17]
Therefore, all employees are requested to declare their proposed investments for the financial year 2016–17 ,so that proportionate income tax could be calculated & systematic deducted from the salary can be started early
It has to be noted that only the expenditure actually incurred on payment of rent in respect of residential accommodation occupied by the assessee subject to the limits laid down in Rule 2A, qualifies for exemption from income-tax. Thus, house rent allowance granted to an employee who is residing in a house/flat owned by him is not exempt from income-tax.
Download All in One TDS on Salary for Govt & Non Govt Employees for F.Y.2016-17 [This Excel utility can prepare at a time Tax Compute Sheet ( Income tax Declaration )+ Automatic H.R.A. Exemption Calculation + Individual Salary Structure as per Govt & Non -Govt Concerned Salary Pattern + Automatic Arrears Relief Calculator U/s 89(1) with Form 10E + Automatic Form 16 Part A&B + Automatic Form 16 Part B for F.Y.2016-17 as per Finance Budget 2016-17]
There were the various anomaly as well as ambiguity in relation to the declaration as well as the submission of details and supporting so CBDT issued Form No 12BB so as to standardize same.
Rent Paid / Payable for:
PARTICULARS
|
MAX BENEFIT PERMISSIBLE (RS.)
|
REMARKS
|
Dcouments Required
|
Life Insurance Premium
|
Maximum amount eligible for Deduction under section 80C & 80CCC Categories is Rs.1,50,000/-
|
Self , Spouse & Children only
|
Copy of PremiumPayment Receipt
|
Public Provident Fund (PPF)
|
Self , Spouse & Children only, Submit PPF challan or PPF passbook front page with entries
|
Copy of Payment Receipt / Passbook
| |
Provident Fund (PF)
|
Deducted from salary
|
EPF No If any To be mentioned
| |
Pension Fund Contribution
|
Self only
|
Copy of Premium Payment Receipt
| |
National Savings Certificate (NSC)
|
Self only
|
Copy of NSS Certificate/s
| |
Interest Accrued on NSC (Reinvested)
|
Self only
|
Copy of NSS Certificate/s
| |
Unit Linked Insurance Policy (ULIP)
|
Self , Spouse & Children only
|
Statement of Holding along With Purchase dates
| |
ELSS or a Specified Tax Saver Plan (Lock in period of 3 years)
|
Self only
|
Statement of Holding along With Purchase dates
| |
Payment of Tuition fees for Children (Max 2 Children) for Full Time Education only.
|
Two children only
|
Copy of Payment Receipt from School
| |
Sukanya Samriddhi Account (SSY)
|
Only Girl Children
|
Copy of Payment Receipt / Passbook
| |
Principal repayment of Housing Loan
|
Self & Joint a/c holder
|
Certificate from Bank / Financial Institution
| |
Registration charges incurred for Buying House (I year Only)
|
Self only
|
Copy of Stamp Duty Paid/ Copy of Registration
| |
Scheduled Bank Fixed Deposit for 5 Years & above
|
Self only, Stipulated Bank Stamp Required
|
Copy of FD Receipt
| |
Term Deposit for 5 years & above
|
Marked as “for Income Tax purpose only”
| ||
PARTICULARS
|
MAXIMUM LIMIT (RS.)
|
REMARKS
|
Documents Required
|
Sec. 80CCD (1B) National Pension Scheme
|
Rs. 50000/-
|
Amount contributed to National Pension Scheme by employee
|
Copy of Payment Receipt / Passbook
|
Sec 80D (Medi Claim Policy & Preventive health check up)
|
Rs. 25000/- (or) Rs.30000/-)
|
Medical Insurance Premium PAID by Employee:
|
Mediclaim Policy Copy or Premium Certificate/ Original Medical Bills for preventive Checkup ( Payment has to be Made by Cheque Only
|
(Overall limit proposed in Budget 2016 – Rs.30000/-)
|
– on the health of employee, spouse, and dependent children (Payment must be made by cheque only).
| ||
[Rs.30,000/- In case an employee is a Senior Citizen] (i.e., 60 years or more).
| |||
Payment made by an employee for preventive health check-up of self, spouse, dependent children during the financial year is eligible for the maximum deduction of Rs 5000.
| |||
The amount paid is within the overall limits ( Rs.25000/Rs.30000)
| |||
Rs. 25000/- (or) Rs.30000/-)
|
Medical Insurance Premium PAID by Employee:-on the health of parents (even not dependent on employee) (Payment must be made by cheque only)
|
Mediclaim Policy Copy or Premium Certificate/ Original Medical Bills for preventive Checkup ( Payment has to be Made by Cheque Only
| |
[Rs.30,000/- In the case parents are Senior Citizen]i.e., 60 years or more
| |||
payment made by an employee for preventive health check-up of parents during the financial year is eligible for the maximum deduction of Rs 5000.
| |||
The amount paid is within the overall limits ( Rs.25000/Rs 30000).
| |||
Sec 80DD (Maintenance including Medical treatment of the dependent person with the disability)
|
Rs. 75,000/- and Rs. 1,25,000 for severe disability)
|
Here Employee gets fixed amount of deduction.If the employee has incurred any expenditure/deposited in specified policy.
|
Certificate from Prescribed Authority in Form No. 10-I Sec. 80 DDB
|
Sec 80E (Education Loan)
|
No limit
|
Interest on Loan taken for Higher Education:
|
Certificate from Bank / Financial Institution
|
Please mention Initial Year (Year in which Interest payment started)
|
(only Interest Portion)
|
Amount paid by employee during the financial year on loan taken for higher education of
| |
– Employee, spouse or children of employee or students for whom employee is a legal guardian
| |||
Benefit Period:
| |||
Upto 8 years from initial year
| |||
Donations
|
Under Section 80G
|
Receipt should have Name, Pan No of donee and section under which the benefit is available.( Subject Various Limits & Exclusions )
|
Copy of PAN Card of Institutions, Copy Of Cheque, Bank Statement Reflecting Clearing of Cheque, Original Receipts ( Duly Stamped and Approved, with Full Details of Validity of 80G exemptions, address,etc)
|
Sec 80U (For the person with a disability)
|
75,000/- and Rs. 1,25,000 for severe disability)
|
Here Employee gets fixed amount of deduction.
| |
ARTICULARS
|
Please Fill in
|
Remarks
|
Documents Required
|
Complete Details of the ccommodation
|
Please enter your Monthly Rent details as per the Rent Receipt / Lease Deed, with necessary details as Tenant Name, Owner name, rented property address, PAN no of owner, payment details, revenue stamp.
|
Original Rent Receipts every month (with Revenue Stamp if amount paid is above Rs. the 4999/-) and Rent Agreement. Receipt should contain PAN of Landlord if Rent for the year exceeds 8300/ p.m. Copy of Landlord PAN and Registered Lease agreement Copy of Rent Paid Exceed 8300 p.m.
| |
Apr-16
|
Note:-
| ||
May-16
|
Name of Landlord
| ||
Jun-16
| |||
Jul-16
| |||
Aug-16
|
Address of Landlord
| ||
Sep-16
| |||
Oct-16
| |||
Nov-16
| |||
Dec-16
|
PAN of Landlord
| ||
Jan-17
| |||
Feb-17
| |||
Mar-17
| |||
TOTAL
|
Sum of 12 Months mentioned Above
| ||
Medical Bill Reimbursement
|
1250/- every month
|
Applicable upto the extent of the CTC/Gross SalaryComponent, if any
|
Original Medical Bills (including Parents, Wife/Husband, Children)
|
Medical Expenditure for Parents (Very Senior Citizen) (not having Mediclaim Policy) -80D
|
Rs.30000
|
Applicable upto the extent of the CTC/ Gross Salary Component, if any
|
Original Medical Bills
|
Tuesday 9 February 2016
A number of money saving instruments has been floated in the market, which people may get confused as to what instrument they should buy. The safest among them are the government floated schemed instrument. One of them is Public Provident Fund. This is not only a savings instrument but they also give the opportunity to save tax as one can deduction under section 80 C. There are various question related to this which are answered in a systematic way below:
Thursday 9 July 2015
Perquisites
mean any casual emoluments, fees or profit attached to an
office in addition to salary and wages. In simple words, it’s a personal
advantage. It does not cover a mere reimbursement of any expenditure incidental
to the
employment.
Download All in One Value of Perquisite U/s 17(2) [ All type of Value of Calculator U/s 17(2)
Like if
an employee is provided with a watchman for official use there is no personal
advantage to the employee, hence there is no perquisites. If the watchman is
provided for personal as well as official use, the value of the perquisites
only relating to personal use is taxable. Similarly if the travelling bills for
official duties are reimbursed to the employee, there is no advantage to the
assesse, so it is not a perquisite.
The
perquisites may be in cash or in kind or in the money or money’s worth and also
in amenities which are not convertible to the money.
All
cash allowance is included in the ordinary meaning of perquisites: - all cash
allowance is included and hence taxable under section 17(2) of income tax act. City compensatory allowance, bad
climate allowance, shift allowance and incentive bonus are included as
perquisites under section 17(2) of income tax act.
A
perquisite is taxable as salary only when it is provided by the employer during
the continuance of employment: - any perquisites allowed by a person other than
employer is taxable as income from
other sources.
For example tips received by
hotel waiters from customers are
taxable as income from other sources
Wide scope of the inclusive definition of perquisites: - the definition
of the perquisites is inclusive but not limited to them only. The scope of an
inclusive definition cannot be restricted only to those words which accrue in
definition, but with extend to many other things not mentioned in it.
Therefore, any other item not listed in the definition of perquisites will have
to be evaluated in accordance with the general and commercial meaning of the
word perquisites.
Section
17(2) of income tax perquisites includes.
1- Rent free accommodation under
section 17(2) 1
2- Accommodation in confessional rate of rent under section 17(2) 2
3- Any benefit or amenity to the
specified employee who is either a director of has a substantial interest in the company or whose income under salaries exceeds
Rs. 50000 under section 17(2)3
4- Obligation of the employee paid or
reimbursed by the employer under section 17(2)4
5- Any sum payable by the employer to
effect an assurance on the life of the assesse or to effect a contract of annuity under section 17(2) 5
6- Prescribed fringe benefits or amenity under
section 17(2)6
When an
employee receives ‘perquisites’ from his job, Form 12BA is provided by his
employer to the employee. Perquisites are the benefits derived from a job or a
position and these are in addition to salary already being paid to the
employee.
This form is basically a
detailed statement with information about perquisites, fringe benefits or
amenities and profits in lieu of salary. The Income Tax Act has set out
rules for calculation of monetary value of these perquisites. The value of
these payments is shown in the form and also the amount that is taxable for the
employee towards these perquisites.
Do
note that this is form is additional to the Form 16 you will receive from the
employer. Value of Perquisites u/s17(2) of the Income Tax Act is already
included in the Part B of your Form 16. The
TDS deducted on perquisites is also included in Form 16. Therefore Form 12BA is
an additional detail meant only for perquisites.
Download the Master of Form 16 Part B with 12 BA for F.Y.2014-15 [ This Excel Utility can prepare at a time 50 employees Form 16 Part B with 12 BA]
Friday 2 January 2015
Download Automated Master of Form 16 Part B with Form 12 BA for FY 2014-15 [This Excel Utility can prepare at a time 50 employees Form 16 Part B with 12 BA]
As per the Income Tax Circular No 17/2014, the Tax Rebate Rs.2,000/- U/s 87A and the Tax Relief from Savings Bank Interest Rs.10,000/- U/s 80TTA will be continue the Financial Year 2014-15. The Tax Circular is given below :-
CIRCULAR NO : 17/2014
F.No. 275/192/2014-IT(B)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
North Block, New Delhi
Dated 10th December, 2014
SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2014-15 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961.
*****
Reference is invited to Circular No.08/2013 dated 25.10.2013 whereby the rates of deduction of income-tax from the payment of income under the head "Salaries" under Section 192 of the Income-tax Act, 1961 (hereinafter "the Act"), during the financial year 2013-14, were intimated. The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head "Salaries" during the financial year 2014-15 and explains certain related provisions of the Act and Income-tax Rules, 1962 (hereinafter the Rules). The relevant Acts, Rules, Forms and Notifications are available at the website of the Income Tax Department- www.incometaxindia.gov.in.
REBATE OF RS 2000 FOR INDIVIDUALS HAVING TOTAL INCOME UPTO RS 5 LAKH [SECTION 87A]
Finance Act 2013 provided relief in the form of rebate to individual taxpayers, resident in India, who are in lower income bracket, i. e. having total income not exceeding Rs 5,00,000/-. The amount of rebate is Rs 2000/- or the amount of tax payable, whichever is lower. This rebate is available for A.Y. 2014-15 and subsequent assessment years.
Deduction in respect of interest on deposits in savings account (Section 80TTA):
Section 80TTA has been introduced from the Financial Year 2012-13 and it allows to an employee from his gross total income if it includes any income by way of interest on deposits (not being time deposits) in a savings account, a deduction amounting to:
(i)
in a case where the amount of such income does not exceed in the
aggregate ten thousand rupees, the whole of such amount; and
(ii) in any other case, ten thousand rupees.The deduction is available if such savings account is maintained in a
(a)
banking company to which the Banking Regulation Act, 1949, applies
(including any bank or banking institution referred to in section 51 of
that Act);
(b)
co-operative society engaged in carrying on the business of banking
(including a co-operative land mortgage bank or a co-operative land
development bank); or
(c) Post Office as defined in clause (k) of section 2 of the Indian Post Office Act, 1898,
For this section, "time deposits" means the deposits repayable on expiry of fixed periods.
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