Interest on Bank deposits 80C
This query is : Resolved
Indian Patriot
(Querist)
10 April 2008
Please to tell me is interest on Fixed deposits (Period 1 year) are eligible for deduction under section 80C?
Gayathri Devi
(Expert)
10 April 2008
Interest on fixed deposit is taxable under the head "Income from Other sources"
10 April 2008
THERE IS NO EXEMPTION UNDER 80C FOR INTEREST ON BANK FIXED DEPOSITS IRRESPECTIVE OF THE PERIOD OF DEPOSIT.
WHAT IS EXEMPTED UNDER 80 C IS DEPOSIT ITSELF IF MADE FOR A PERIOD OF 5 YEARS IN ANY SCHEDULED BANK PROVIDED THE BANK GIVES A CERTIFICATE TO THAT EFFECT.USUALLY SUCH DEPOSITS QUALIFYING FOR 80 C EXEMPTION ARE CALLED TAX SAVER DEPOSITS.
R.V.RAO
WHAT IS EXEMPTED UNDER 80 C IS DEPOSIT ITSELF IF MADE FOR A PERIOD OF 5 YEARS IN ANY SCHEDULED BANK PROVIDED THE BANK GIVES A CERTIFICATE TO THAT EFFECT.USUALLY SUCH DEPOSITS QUALIFYING FOR 80 C EXEMPTION ARE CALLED TAX SAVER DEPOSITS.
R.V.RAO
11 April 2008
no
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Issuing of delivery challan by seller of goods
- MSME disclosure and disallowance
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
