DEDUCTIONS UNDER SECTION 80C

Yes. you can claim the amount invested in tax saving time deposit provided you have the relevant 80 C certificate.

My question is that Investments that I have done in TIme deposit are not from current income but from previous matured deposits.

So in that case whether exemption can claimed or not ?

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Yes, irrespective of when the income arrises, you can claim it as a deduction under 80C PROVIDED YOU HAVE 80C DEDUCTION CERTIFICATE.

Yes mr. chahat bansal, you can claim deduction u/s 80c for Time deposit.

According to me it is not possible to claim deduction as as per law the aggregate amount of the deductions of income so allowed in respect of the previous year or years preceding such previous year, shall be deemed to be the income of the assessee of such previous year and shall be liable to tax in the assessment year relevant to such previous year.meaning there by that amount of deduction claimed in the previius year such income must be from taxable in that previous year..

There are controversial views, can't understand now to claim the same or not. 

According to me, while claiming deduction under 80C, deduction is allowed if investment is made under specified investments. There is no specification under the income tax act as to whether there income should be from current year for claiming deduction.

Full form of WEL?

Several years ago, similar such rule was tried to be brought related to PPF contribution and 80C benefit. The rule was rescinded in the budget debates due to protests.

I dont think that your 80C contributions must come from the income of the same financial year.