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tax on fixed deposit interest

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(Querist)
26 July 2008 whether interest accrued fixed deposit in shedule bank for 5 years in income tax saving scheme is taxable or not?
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
26 July 2008 It is taxable
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visu iyer

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visu iyer (Expert)
26 July 2008 Yes. it taxable..
That is why tax payer prefer ELSS saving; which return is TAX FREE.
WISE tax payer not only claim exemption. but also choose better investment..
Be a SMALL investor; but Be a SMART investor too..
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