my query is, if a salaried person make FD of Rs.1,00,000 per year & his annual salary is 4,00,000/- then can we deduct this 1,00,000 as investment from his income for TDS purpose.
15 October 2014
The FD should be for 5 years and specified for tax saving, can be deducted from his income for TDS purpose subject to overall ceiling u.s 80C.
15 October 2014
you just need to go to bank ask that you want tax saving fd for 5 years.on the acknowledgement they would write tax saving fd then it would be eligible.
CAclubindia
