Interest on FDR
This query is : Resolved
15 March 2010
what will be the treatment of FDR and interest on FDR while calculating the tax liability of an individual.
15 March 2010
Interest on FDR is the income falling under the head of Income from Other Sources. However, investment in FDR for five years or more is eligible for deduction under section 80C of the Income Tax Act.
15 March 2010
However, to claim deduction under section 80C (2)(xxi), the fixed deposit must be opened under 'Bank Term deposit Scheme,2006'.
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