Tax saving fixed deposit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 October 2013 if in january 2014 i made a tax saving fixed deposit of Rs.1 lakhs then apart from financial year 2013-14 for how many years i would get the deduction under section 80C for the same deposit made in ja.2014

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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23 October 2013 Only for the one year in which financial year you actually invested in tax savings deposit scheme deduction available u/s 80C, Means if you invested in tax savings deposit scheme in January 2014 mans financial year 2013-14 then you will get 80C deduction for f.y 2013-14 or A.Y 2014-15 year only.

Note: However interest accrued or received on such deposit is taxable to income either accrual basis or cash basis choice is yours.

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