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Interest on FDR

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(Querist)
15 March 2010 what will be the treatment of FDR and interest on FDR while calculating the tax liability of an individual.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
15 March 2010 Interest on FDR is the income falling under the head of Income from Other Sources. However, investment in FDR for five years or more is eligible for deduction under section 80C of the Income Tax Act.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
15 March 2010 However, to claim deduction under section 80C (2)(xxi), the fixed deposit must be opened under 'Bank Term deposit Scheme,2006'.
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