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deduction from total income

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(Querist)
05 July 2010 whether the fixed deposit with the bank for a period of 5 or more years are eligible for deduction.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
05 July 2010 yes.it allowable provided specifically mentioned tax savings scheme
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Rahul Gupta

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Rahul Gupta (Expert)
05 July 2010 Agreed with Ramesh. Its not that all FDs are above 5 Years are eligible for dedcution. Only If the FD is created under the scheme eligible for Deduction are allowed. Generally, most of the banks provide this.



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CA Sanat Pyne

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CA Sanat Pyne (Expert)
05 July 2010 AGREED WITH EXPERT RAHUL GUPTA
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
05 July 2010 yes

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