suresh kumar garg (accountant) (109 Points)
07 April 2011sir,
I have post office recurring deposit of Rs.1000 p.m.for 5 years.
Is this amount of 1000 will count under 80c? How intt.accrued on this deposit will be treated for income tax purpose?
what is the procedure for calculating interest?
plese guide and thanks in advance/
Shriram Ramachandran
(IPCC Student CWA Inter & Processing officer in GNSA Infotech Ltd)
(492 Points)
Replied 07 April 2011
No U cant claim Deduction U/S 80C. In 80C only 5-Yr post office time deposit is only allowed as deduction.
Thanks
R Shriram
CA Mohit Agrawal
(Chartered Accountant)
(371 Points)
Replied 08 April 2011
ya you cannot claim it as ded u/s 80C
CAclubindia
