Deduction
This query is : Resolved
24 May 2012
Amount received on maturity of time deposit would be exempt or not ? if the same has been allowed as deduction u/s 80C
24 May 2012
The interest on tax saving FDR is taxable on accrual basis.
The principal amount is not taxable.
The principal amount is not taxable.
24 May 2012
There is no income earned at the time of maturity of TD/FD. Actually, What you are getting at that point of time is what you have invested earlier.
Interest on FD/TD is accrued every year and is taxable in that particular year. Hence, you are getting tax paid amount at the time of maturity.
Note:- Deduction u/s is available for investment in FD for a minimum period of 5 years maturity but interest is taxable every year.
Interest on FD/TD is accrued every year and is taxable in that particular year. Hence, you are getting tax paid amount at the time of maturity.
Note:- Deduction u/s is available for investment in FD for a minimum period of 5 years maturity but interest is taxable every year.
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