Interest on recurring deposit is deducted?
This query is : Resolved
17 August 2013
dear sir,
can i deducted interest on recurring deposit in bank in 80C or not if it is deductabel so which section can i deducted interest?
can i deducted interest on recurring deposit in bank in 80C or not if it is deductabel so which section can i deducted interest?
Prof. Bajaj
(Expert)
18 August 2013
Interest earned on recurring deposit is an income. So You cannot "deduct" it.
May be your asking if it qualifies for tax deduction u/s 80C. The answer is no.
Interest earned on RD is taxable and cannot be claimed for deduction u/s 80C.
May be your asking if it qualifies for tax deduction u/s 80C. The answer is no.
Interest earned on RD is taxable and cannot be claimed for deduction u/s 80C.
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