Hi There..
Could anyone please advice if Bank Fixed deposits are eligible for deductions from gross total income under section 80C to 80U while calculating the tax liability...
Thanks
4 Replies
CA.SKR
(CA; CS-Final (One Group); DISA (ICAI); Insolvency Professional)
(442 Points)
Replied 07 January 2010
Yes, only Bank Fixed deposits issued for a term of 5 years are eligible for deductions from gross total income under section 80C while calculating the tax liability.
Sunil Liladhar Kotak
(Manager (F & A))
(2025 Points)
Replied 07 January 2010
yes sir is right but you need to communicate to the bank that you want tax saver FD & not the normal one.
sunil
Amir
(Learner)
(4016 Points)
Replied 07 January 2010
Hi Naveen,
Just want to add what Satender Sir has rightly said that Fixed Deposit must be with a scheduled Bank.
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