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
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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