80c

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Vinayak K Krishna

Vinayak K Krishna (Querist)
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29 February 2016 Hai All

Kindly let me know Tax exemption IF ANY on 5 Years Post Office Recurring Deposit

Suresh Ramaswamy

Suresh Ramaswamy (Expert)
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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

Vinayak K Krishna (Querist)
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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

Suresh Ramaswamy (Expert)
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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

Vinayak K Krishna (Querist)
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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

Suresh Ramaswamy (Expert)
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25 April 2016 You are most welcome. Glad to have been of help .

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