03 March 2014
My question is whether the total amount of fixed deposit of more than five yrs is exempted from income tax.And whether there is any limit in the amount of investment in fixed deposits?
04 March 2014
Investment in FD is not exempt nor any deduction is available. However repayment of FD together interest with Post Office is exempt u/s 10(15).No max limit.
12 March 2014
I am absolutely apologize for mis-opined. Fix Deposit for a term 5 year or more is deductible u/s 80C for a max deduction Rs. 100000 in aggregate of S.80C+80CCC+80CCD
And i hvae a query....suppose I have declared my income and liabilities for this financial year and I have forgotten to mention about my tax saving FD. Is there any chance of tax return in future? If any how will I proceed ?
CAclubindia
