Regarding income tax in 2012-13

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vineet kumar agrawal (Querist)
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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.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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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

vineet kumar agrawal (Querist)
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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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