itika mehra (articled assistant) (202 Points)
30 January 2011Hey friends kindly tell me dat if we had taken Banks FDR for income tax porpose last yr. and we took deduction fr it.Dan can we clain deduction for it in future also .By future here i mean can we take deduction in next four yrs. as that FDR is locked for 5 yrs.
Kindly reaply me for dis urgently.....
avinash
(CA, CS)
(54 Points)
Replied 30 January 2011
U/s 80C no deduction available for Bank FDR, if any specific investment made u/s 80C for which deduction allowed in this section, that is only available against amount invested & actually paid in current financial year.
chirag
(Article & C.A Final Student)
(42 Points)
Replied 30 January 2011
| Originally posted by : avinash | ||
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U/s 80C no deduction available for Bank FDR, if any specific investment made u/s 80C for which deduction allowed in this section, that is only available against amount invested & actually paid in current financial year. |
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MD.Taufique
(CA,CS)
(308 Points)
Replied 30 January 2011
80C allows deduction for term deposit of 5 yrs or more with a scheduled bank ,so FDR would entitle you the deduction under 80C but it will allowed only in the year in which Fixed deposit is taken and not in the subsequent years.
Neeraj
(Clerk)
(21 Points)
Replied 24 January 2012
If we do get FDR to 5 Years, and in the Financial Year Income Tax Rebate of the FDR is to take, Next year we'll get Fdr if the brakes had Rebte in Last Financial Year. That would be perfect. And Fdr to 5 Years before we can get a break??
Kindly reaply me for dis urgently.
CAclubindia
