Deduction for Bnak FD
This query is : Resolved
CA Suresh Paghdar
(Querist)
26 March 2008
Amonut Deposited in Co-Operative Bank for five year is eligible for Deduction u/s 80c
chetan soni
(Expert)
26 March 2008
Yes, but it should be as per the Scheme framed by Central Govt. If the same FD withdrawn before complition of the term then it should be added back to income.
26 March 2008
investment in fixed deposits in scheduled banks for a term of not less than five years in Section 80C of the I-T Act.
YES ALL SCHEDULED COOP. BANKS ARE ELIGIBLE FOR INVESTMENTS IN FD FOR 5 YEARS FOR 80 C DEDUCTION.
R.V.RAO
YES ALL SCHEDULED COOP. BANKS ARE ELIGIBLE FOR INVESTMENTS IN FD FOR 5 YEARS FOR 80 C DEDUCTION.
R.V.RAO
CA. Kirti S. Ganatra
(Expert)
26 March 2008
Yes it is eligible
MANAS ROUT
(Expert)
26 March 2008
YES it is eligible for deduction u/s 80 C.
26 March 2008
YES IT IS ELIGIBLE FOR DEDUCTION UNDER SECTION 80C
26 March 2008
All FDs which are in the nature of tax savings investments provides the details regarding the availability of deduction on the face of the certificate itself
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