80c
This query is : Resolved
Vinayak K Krishna
(Querist)
29 February 2016
Hai All
Kindly let me know Tax exemption IF ANY on 5 Years Post Office Recurring Deposit
Kindly let me know Tax exemption IF ANY on 5 Years Post Office Recurring Deposit
Suresh Ramaswamy
(Expert)
29 February 2016
There is no deduction for 5 Year P.O. Recurring deposit under section 80C. However 5 Year Time Deposit is a qualified investment.
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Vinayak K Krishna
(Querist)
08 March 2016
Sir what the problem is previously the employer allowed the 5 yr PORD. Now I replace the former expert and I ruled out the deduction.
Suresh Ramaswamy
(Expert)
12 March 2016
Since the last 10 years or so, the ITR is filed either electronically or if physical paperless. In good faith the Department accepts your claim. Only in case of scrutiny assessment are the details verifies. Hence you had faced no problems. Section 80C is very clear, the exemption is only for 5 year PO Time Deposit not PO Recurring Deposit.
Vinayak K Krishna
(Querist)
25 April 2016
Thank you. I Did not give the claim And your advice helped me to show as a support to my staff.
Suresh Ramaswamy
(Expert)
25 April 2016
You are most welcome. Glad to have been of help .
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