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Regarding income tax in 2012-13

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(Querist)
02 April 2012 Dear experts,


i am having LIC policy of 25000/yr and if i made fd of 100000rs than, could it be possible to save income tax on FD and Lic policy, pls guide me. my annual income is 379000INR.

HOW MUCH I CAN SAVE.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
02 April 2012 Maximum allowed deduction u/s.80C is Rs.1 lakh. but in your query you mentioned LIC policy Rs.25000/- under 80C only premium amount allowed as deduction. in case your premium amount is Rs.25000 then balance Rs.75000 you can put in to Tax savings scheme FD for 5 years. you can get Rs.10300 as maximum tax rebate on Rs.1 lakh since you are covered under 10% slab
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vineet kumar agrawal

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vineet kumar agrawal (Querist)
03 April 2012 Dear ramesh ji,

i have made 2 fd of rs 50,000 each last year, and now this year also i will do same, is it comes under 80c of IT.
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