Section 80 c deduction

This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
03 April 2018 If any senior citizen opened a FD of 5 Lakhs for 5 years then what is the tax treatment ?
Should I get the benefit of Section 80C for 5 consecutive years or i get deduction of 1,50,000 for one year only?

03 April 2018 Get deduction of 1,50,000 for one year only.

03 April 2018 Provided the deposit is under the 'Bank Term Deposit Scheme,2006' . Inference -
CBDT NOTIFICATION NO. 203/2006, DATED 28-7-2006


04 April 2018 Deduction allowed in year of purchase only.

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
04 April 2018 So, if my total income including pension and interest on FD is crossed the threshold limit of Rs. 3,00,000 (Senior Citizen) , so can I take the deduction of Section TTB Rs 50,000 from this financial year for filling the Form 15H. If I take this deduction according this section TTB then my total income would be less than Rs. 3,00,000.

05 April 2018 Yes you can take the deduction as proposed.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries