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80-C Reduction


28 August 2008 I Want To Just Opine On Answer Given By CA Ramesh Ahuja To The Question Of 80-c Deduction For Investment In RD.
As Far As Mumbai is concerned The Income Tax Department Does Not Allow The Deduction and in My Opinion Even there is no specific Provision in the law For Deduction of the same.

29 August 2008 Yes, you are coorect. Under section 80-C there is deduction for investent in Fixed Deposits. RD account is treated as savings account.

29 August 2008 Provisions of Sec 80 C are very clear they say Fixed Deposit for a period 5yrs or more.

so RD or SB does not qualify

29 August 2008 Thanks



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