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Deduction on fixed deposit under sec 80c

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(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.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
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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anurag

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anurag (Expert)
25 February 2012 generally one can not break the 5 year tax FD.
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