Deduction for interest on fd below 5 years
This query is : Resolved
04 February 2016
pls guide me as to whether interest on FD having maturity period below 5 years is allowed as deduction anywhere.
also please answer as to interest on savings account deduction with section...
04 February 2016
1.Interest on FD is taxable irrespective of the term of deposit.
2. SB interest up to Rs. 10,000 is tax free per section 80TTA.
2. SB interest up to Rs. 10,000 is tax free per section 80TTA.
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