5 years fixed deposit - 80c deduction..pls help urgent
This query is : Resolved
29 December 2014
Please tell me whether investment done in Fixed deposits for 5 years with any bank is eligible for 80C deduction or not? or it has to be only deposited with Post office for 5 years for claiming dedcution u/s 80C?
Please reply its urgent
Please reply its urgent
29 December 2014
Tax saving fixed deposits(it should be tax saving) for 5 years with any bank is eligible for deduction u/s 80C.
29 December 2014
So while depositing which form i should ask for?
is it only for post office or banks are eligible as sec 80C uses post office for 5 year term deposit
is it only for post office or banks are eligible as sec 80C uses post office for 5 year term deposit
29 December 2014
Banks are eligible ask the bankers about your requirement of 80C deposit they will guide you.
29 December 2014
1) P.O. 5 Year Time Deposit is eligible for deduction u/s 80C(2)(xxiv).
2) 5 years Term Deposit with scheduled bank is eligible for deduction u/s 80C(2(xxi). You should make sure that the said deposit is covered under BANK TERM DEPOSIT SCHEME,2006.
2) 5 years Term Deposit with scheduled bank is eligible for deduction u/s 80C(2(xxi). You should make sure that the said deposit is covered under BANK TERM DEPOSIT SCHEME,2006.
29 December 2014
thanks a lot sir 1 last question whether banks like bank of baroda, bank of india and axis bank are covered by the said scheme?
29 December 2014
Yes they are covered.
29 December 2014
All PSU banks, most of the co operative banks are covered under the definition of SCHEDUED bank.
In case of co operative banks, you need to ensure with the concerned bank if it is SCHEDULED.
In case of co operative banks, you need to ensure with the concerned bank if it is SCHEDULED.
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