Fixed deposit

This query is : Resolved

vishal sharma (Querist)
Follow

21 March 2016 i have A FD in bank from more than 5 years so whether interest part is taxable or not if not than where i have to show in my return under which section if taxable than whether i have to show it under the head of income from other source or where

Ankur Singhal

Ankur Singhal (Expert)
Follow

21 March 2016 Dear
Investing in tax saving FD is allowed as deduction under section 80C.
But interest earned on such FD is taxable under the head other sources.

vishal sharma

vishal sharma (Querist)
Follow

21 March 2016 Sir
How do we know whether it is tax saving or not?

Ankur Singhal

Ankur Singhal (Expert)
Follow

21 March 2016 Dear
For a FD to be tax saving FD following conditions should be fulfilled.

as term deposit—
(a) for a fixed period of not less than five years with a scheduled bank; and
(b) which is in accordance with a scheme framed and notified, by the Central Government, in the Official Gazette for the purposes of this clause.
Explanation.—For the purposes of this clause, "scheduled bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), or a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), or a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980), or any other bank, being a bank included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934);

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Aakash Kumar

Devendra Singh Jyala

MAYUR

Sivakumar

DHRUV PATEL

Subscribe Now

Fixed deposit

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA