Section 80 c of the income tax act
This query is : Resolved
29 September 2017
Sir,
INVESTMENT IN FIXED DEPOSIT OF 5 YEARS OR MORE ELIGIBLE FOR 80C BENEFIT:
QUERY NO 1: WHETHER INVESTMENT IN A CO-OPERATIVE BANK IS ELIGIBLE FOR THIS BENEFIT?
QUERY NO. 2: WHETHER RENEWAL OF DEPOSIT CAN BE CONSIDERED AS INVESTMENT?
THANKS
INVESTMENT IN FIXED DEPOSIT OF 5 YEARS OR MORE ELIGIBLE FOR 80C BENEFIT:
QUERY NO 1: WHETHER INVESTMENT IN A CO-OPERATIVE BANK IS ELIGIBLE FOR THIS BENEFIT?
QUERY NO. 2: WHETHER RENEWAL OF DEPOSIT CAN BE CONSIDERED AS INVESTMENT?
THANKS
29 September 2017
1 Check whether they are having tax saving FD if not there go for PSU banks.
2 Make a fresh deposit. Renewals not allowed.
2 Make a fresh deposit. Renewals not allowed.
29 September 2017
1. Deposits in Co operative banks are not allowed as deduction. 5 year fixed deposit must be in scheduled bank
29 September 2017
2. Renewals are not eligible. Close the deposit on maturity of 5 years and open a fresh 5 year tax savings FD instead of renewing it
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Consolidated financials
- Reprocessing of rectification order AY 2025-26
- Putting a heading on received mail
- Gift Received from nonblood relative
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
