Deduction

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Vikas Gupta

Vikas Gupta (Querist)
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11 February 2010 Is any deduction allowable to amount deposited in Scheduled bank?

BALASUBRAMANYA B N

BALASUBRAMANYA B N (Expert)
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11 February 2010 Senior Citizens Savings Scheme:

(a)Employee has crossed 55 years of Age.

(b)Savings should be in the name in the name of the employee, spouse or jointly.

(c) ) Savings should be with scheduled bank/Post Office & for the term of 5 years and above.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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11 February 2010 From the assessment year 2007-08 onwards any sum deposited in fixed deposit of not less than five years with a schedule bank is eligible for deduction under section 80C(2)(xxi). The said deposit should be in accordance with the terms and conditions of the 'Bank Term Deposit Scheme,2006' vide CBDT Notification No. S.O. 1220(E) dated July 28,2006 reported in 284 ITR (St) 73.

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Professional Careers Academy

Professional Careers Academy (Expert)
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11 February 2010 yes, any sum deposited in fixed deposit of not less than five years with a schedule bank is eligible for deduction under section 80C.

regards,
CA Jatin Bansal

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