Hey Friends!
I have a query regarding Fixed deposit deduction u/s 80C.I have deposited money in Tax saving fixed deposit scheme in feb 2015.I want to claim deduction for the same in AY 2016-17 i.e. FY 2015-16.
Is it allowed?
4 Replies
Deepak Gupta
(CA Student)
(15922 Points)
Replied 05 May 2015
Section 80C specifies that the amount should be paid or deposited in the previous year. Hence, deduction will be available for F.Y. 2014-15 only.
Ileana Lyardson
(Student MBA)
(26 Points)
Replied 20 May 2015
Section 80C of the Income Tax Act deals with deductions with respect to certain payments. To claim FD(Fixed Deposit) deduction under section 80C the amount should be deposited in the previous year. For an amount deposited in February 2015 one can claim exemption in the FY 2014-2015 only. It cannot be claimed for the next financial year, i.e 2015-2016.
Recent Topics
- Buyout reimbursement
- Hra exemption for jointly owned flat
- More than two houses self occupied
- CA with part time COP joining family business - Pr
- Receiving emails for submitting return even though
- Reversal of excess RCM claimed
- Transfer of shares of an unlisted from one sharesh
- Self Invoice RCM
- Place of supply for service
- Tax on income from other than salary per new budge
Related Threads
Trending Online Classes
-
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Industry Expert04 February 2025
CAclubindia
