Section 80c
This query is : Resolved
01 July 2013
Dear Expert(s),
"Fixed Deposits with a tenure of 5 years qualify for 80C deduction."
w.r.t. above statement I want to ask what Income Tax exactly refers to, I mena the tenure must be "5" years only not 1 year less nor 1 year more or what ?
Please clarify.
"Fixed Deposits with a tenure of 5 years qualify for 80C deduction."
w.r.t. above statement I want to ask what Income Tax exactly refers to, I mena the tenure must be "5" years only not 1 year less nor 1 year more or what ?
Please clarify.
01 July 2013
Tenure of FD will be 5 year only. It is a special FD for deduction u/s 80C. When you make this FD you will have to say that you want to make invest in 5 Year Tax Saving FD.
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01 July 2013
Thank you Sir for your reply. It was helpful.
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