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Deduction u/s 80c

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(Querist)
12 October 2011 I am in service and have an fixed deposit of Rs.30000.00 with nationalised bank.Is this amount elligible for deduction from gross total income u/s 80c if my total deduction u/s 80c does not exceed Rs.100000.00.


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Netai Saha
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CA Ashwani Agarwal

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CA Ashwani Agarwal (Expert)
12 October 2011 Fixed deposit is eligible u/s 80C only if it is of 5 years.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
12 October 2011 Necessarily, the deposit should be under the 'bank term deposit scheme,2006' to qualify for 80C deduction.
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