Venkatesh (Executive Accounts) (26 Points)
21 January 2009I am a salaried and filing my ITR as per FORM 16, NOW I have opend an post office deposit scheme where I am getting Rs.170/- int monthly and re-depositing to RD a/c with post office only. HOW TO A/C this deposit and RD and whether I can claim any deduction/rebate in of the IT benefits??
Venkatesh
Preetham S L
(CA Final Student)
(94 Points)
Replied 21 January 2009
Hi Venkatesh,
You claim deduction under section 80C only if the deposit made by you is Five Year Time Deposit Scheme in Post Office. You can also claim deduction on the interest accrued on the same deposit as in the case of NSC... This benefit is been affect from Assessment year 2008-09.
PiyushAgrawal
(Chartered acooutant in practice)
(575 Points)
Replied 21 January 2009
| Originally posted by :Venkatesh | ||
| " | I am a salaried and filing my ITR as per FORM 16, NOW I have opend an post office deposit scheme where I am getting Rs.170/- int monthly and re-depositing to RD a/c with post office only. HOW TO A/C this deposit and RD and whether I can claim any deduction/rebate in of the IT benefits?? Venkatesh |
" |
Firstly u pay taxes on ur monthly int.the income is taxable under Income from other sources head. after this u can claim deduction 80c for RD deposit.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
