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Tax saving fdr

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Querist : Anonymous

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Querist : Anonymous (Querist)
31 May 2017 I had invested Rs.60000 in tax saving FDR in jan 14. But now i require funds can i encash my fdr please tell me. I am ready for penalty@1%
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@VaibhavJ

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@VaibhavJ (Expert)
31 May 2017 Hi,

Tax saving FD cannot be closed premature. Check with your bankers for further details.
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Expert : Anonymous

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Expert : Anonymous (Expert)
31 May 2017 you can close it the banker will deduct tds it becomes current year income



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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
03 October 2021 The penalty will not be just 1 % but the tax at slab rate, for which you need to produce ITO's permission.

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