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fdr interest

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(Querist)
15 July 2010 Fdr Interest will be exempt or not
and if exempt then which section
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
15 July 2010 It is taxable.

Earlier it was exempt u/s 80L upto Rs. 12k. But now the section has been removed.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
15 July 2010 Section 80L is omitted with effect from 01/04/2006 by the Finance Act,2005, and hence no deduction as rightly said by Aditya Ji.
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
15 July 2010 Agreed, it is taxable on accural basic.
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srinath

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srinath (Expert)
17 July 2010 FDR interest need not be taxed on accrual basis. it can be taxed on cash or merchantile at the option of the assessee
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