i got third party insurance claim (got physically challenged in ancident) by govt. of rs. 16.5 lac with complusion of 5 years fd . As i didn't knew for the complusion of tds deduction on interest more than 1 lac, so i submitted form 15g to my bank (indian bank) and bank stopped deducting tds amount from my interest.
further i have filed income tax return in 07-08 and i have shown the all the income from the bank fd earned.
will there be any problem with income tax or with my fd at time of maturity and how much rebate can i get from income tax as my disability percentage is above 80%.
If you have shouwn interest in your return.then you have no problem at the time of maturity. You can claim deductin Rs.75000/- u/s 80U, if you have certificate of severe disability.
CAclubindia
