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Interest on Bank deposits 80C

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(Querist)
10 April 2008 Please to tell me is interest on Fixed deposits (Period 1 year) are eligible for deduction under section 80C?
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Gayathri Devi

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Gayathri Devi (Expert)
10 April 2008 Interest on fixed deposit is taxable under the head "Income from Other sources"
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Rakesh

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Rakesh (Expert)
10 April 2008 No you are not eligible for deduction under section 80C.
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R.V.RAO

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R.V.RAO (Expert)
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
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CA Shailesh +91 9393926464

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CA Shailesh +91 9393926464 (Expert)
11 April 2008 no
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