06 April 2013
Can anybody tell me the procedure for drawing FD amount deposited for 80C deduction before 5 years. Ready to pay tax and bank is asking IT clearance certificate. What is the procedure???? Thanks in advance........
07 April 2013
approach the ITO with a letter expalining the circumstances for such closure and convinse him of the deposition of tax in the year of withdrawal.If the circumstances are genuine the clearance will come thru
07 April 2013
Their is lock-in period for Fixed Deposit made with any Bank for sec. 80C and generally banks do not permit premature withdrawal, and if withdrawn the FD amount should be liable to tax. Their is no prudence in doing this and also not possible in normal course of action.
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