Deduction on FD made
This query is : Resolved
Madhusudhan Reddy
(Querist)
22 April 2017
If I made FDin the bank for 3years in current year.Total amount paid for FD can be claimed as deduction in the current year it self.Requesting u to brief deductions that can be claimed on fd & w
hat about interest on fd when it taxable???
Ashiwini Ballodia
(Expert)
23 April 2017
Deduction u/s 80c will be given if FD is more than 5 years.
Dhirajlal Rambhia
(Expert)
23 October 2021
The 3 year FD is not eligible for deduction under sec. 80C. So, no deduction on principal or Interest. Interest will be taxable on accrual u/h. IFOS.
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