80c

This query is : Resolved

nambi konar (Querist)
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04 February 2013 one of my client have taken the fixed deposit for the 5 year. but he don't requried that deduction for the assessement 13-14. can he take that excemption in assessement 14-15.

Querist : Anonymous

Querist : Anonymous (Querist)

04 February 2013
I was recently joined in CA firm which have mostly clients for income returns filing. i don't know anything about incometax .
so, please show me a path in which i have to go.

Hemant Kumar

Hemant Kumar (Expert)
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04 February 2013 If Client deposit amount in F.Y.2012-13 (AY 2013-14) Then he can get deduction benefit of Such amount in only AY 2013-14 Not in 2014-15.

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CA Prashant Gupta

CA Prashant Gupta (Expert)
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04 February 2013 first of all- only 5 year FD is not for 80C deduction. it is special tax saving FD. normally it has 0.5% less interest rate on it.
this deduction can be availed only same A.Y. in which you purchased.
So your clint can't calim 80C deduction on this in A.Y. 2014-15