Tax benefit on Fixed Deposit upto 1 Lakh - Professionals - Taxation - TIK Share
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Tax benefit on Fixed Deposit upto 1 Lakh


CA Pulkit Sharma

2014-02-07

Tax benefit under section 80(c) is available to assessee.

The conditions are:

  1. Tax Saving through tax exemption under section 80C of Income Tax Act, 1961.
  2. Maximum deduction of Rs.100,000.
  3. Duration of investment is 5 years.

If fixed deposit for less than 5 years than no deduction available. Deposit can be made in any Bank or Post Office.

Mukesh Jain CA

2014-02-07

Interest accrued & received on the above deposit is taxable as a normal interest income, please note that this is not exempt.

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