Tax savind fd
This query is : Resolved
04 October 2015
is normal fd that we open with bank for 5 year is eligible for deduction under 80c
if yes what is the treatment in income tax if we made premature withdrawal.
04 October 2015
No. normal FD is not eligible for sec.80C deduction. only the FD under tax savings scheme is eligible. on premature withdrawal need to pay the entire tax
04 October 2015
To qualify for 80c deduction the FD should be under 'Bank Term Deposit scheme,2006'.
Premature withdrawal is not possible under the said scheme.
Premature withdrawal is not possible under the said scheme.
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