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IS ONE YEAR FIXED DEPOSIT TAXABLE

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 March 2010 ONE YEAR FIXED DEPOSIT EXEMPTED U/S80C AND THEIR INTT.TAXABLE
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Rasesh

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Rasesh (Expert)
08 March 2010 No. The deposit exempted under Sec 80C is a notified deposit and has a lock in period of five years.

The interest on both the type of deposits i.e 1 yr deposit or a deposit for five years is taxable.

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