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Deduction under 80C in Fixed Deposit

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Querist : Anonymous

Querist : Anonymous (Querist)

24 February 2011 Dear Sir/Madam,

As per Income Tax reckoner income tax deduction u/s80c is available on fixed deposit of five years from scheduled bank.

Question is:- that can we get deduction on fixed deposit of five year issued from any bank whether private, nationalised or scheduled bank, because even private banks are issuing tax benifit Fixed deposits for 5 year.

Please guide

Thanks in advance

Sunil Kr. Sanganeria

Sunil Kr. Sanganeria (Expert)

25 February 2011 Amount deposited in a fixed deposit for 5 years or more with a scheduled bank in accordance with a scheme framed and notified by the Central Government is sllowable u/s 80C of the IT Act

Querist : Anonymous

Querist : Anonymous (Querist)

25 February 2011 does that means, FD from Axis, HDFC, ICICI etc will not be allowed for claiming deductions

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