deduction from total income
This query is : Resolved
Ramsingh lodh
(Querist)
05 July 2010
whether the fixed deposit with the bank for a period of 5 or more years are eligible for deduction.
CMA Ramesh Krishnan
(Expert)
05 July 2010
yes.it allowable provided specifically mentioned tax savings scheme
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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.
Message likes :
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CA Sanat Pyne
(Expert)
05 July 2010
AGREED WITH EXPERT RAHUL GUPTA
Message likes :
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CA Ravi Sisodia
(Expert)
05 July 2010
yes
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