Deduction on fixed deposit under sec 80c
This query is : Resolved
ANIL KUMAR.
(Querist)
25 February 2012
AS there is deduction on 5 years Fixed Deposits . if some take FD in current year and avail the deduction and break the FD in next year . what will be the treatment as per INcome Tax Law.
25 February 2012
Normally, banks do not allow you to pre-mature a tax saving FD. Even if you do, The deduction allowed earlier shall be taxable in the year in which the FD is pre-matured.
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