recurring deposits and tax computation
Rajat Singhal (95 Points)
13 November 2018
any benefit of recurring deposits in tax calculation?
4 Replies
CA Sunil Kumar
(Chartered Accountant)
(4524 Points)
Replied 13 November 2018
No. Recurring deposit does not come under the ambit of deduction under section 80C. Even you deposit in RECURRING DEPOSIT for more than 5 years, then also it cannot be claimed as deduction under section 80C.
Instead, you should invest in Fixed Deposit in order to claim deduction under section 80C. The interest rate are more or less same in both RD and FD. The only condition in FD is that FD should be for atleast 5 years.
Instead, you should invest in Fixed Deposit in order to claim deduction under section 80C. The interest rate are more or less same in both RD and FD. The only condition in FD is that FD should be for atleast 5 years.
Rajat Singhal
(95 Points)
Replied 13 November 2018
what is the best way for earning income more and save tax other than deposits ?
CA Sunil Kumar
(Chartered Accountant)
(4524 Points)
Replied 13 November 2018
The different investment schemes which fall under 80C of tax deduction include:
Public Provident Fund (PPF)
Life Insurance Premiums
Equity Linked Savings Scheme (ELSS)
Provident Fund (PF) and Voluntary Provident Fund (VPF)
Home Loan Principal Repayment
Stamp Duty and Registration Charges for a home
National Savings Certificate (NSC)
Infrastructure Bonds
Pension Funds Section 80CCC
5 year bank fixed deposits
Senior Citizen Savings Scheme 2004 (SCSS)
5 year Post Office Time Deposit (POTD) scheme
Public Provident Fund (PPF)
Life Insurance Premiums
Equity Linked Savings Scheme (ELSS)
Provident Fund (PF) and Voluntary Provident Fund (VPF)
Home Loan Principal Repayment
Stamp Duty and Registration Charges for a home
National Savings Certificate (NSC)
Infrastructure Bonds
Pension Funds Section 80CCC
5 year bank fixed deposits
Senior Citizen Savings Scheme 2004 (SCSS)
5 year Post Office Time Deposit (POTD) scheme
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