if we have F.D in bank can we get any tax benefit for that for principle or int any
3 Replies
CA Annie
(Chartered Accountant )
(747 Points)
Replied 05 September 2008
You can claim the TDS that the bank has deducted for your interest income in your tax computation. But dont forget to include your interest income under taxable income.
CA Ravish Trivedi
(The Possibilities are Infinite...)
(772 Points)
Replied 09 September 2008
Yes u can get benefit of FD .It is covered under sec 80c limit of Rs.1,00,000.But FD period should be atleast for 5 yr.
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