(2)Where the income referred to in this section is derived from any deposit in a savings account held by, or on behalf of, a firm, an association 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 die 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. '.
