Dear All,
Could Post office RD a/c comes under 80'c' exepmtion?
Regards,
Ankit
ramesh
(Sr.Executive Accounts)
(92 Points)
Replied 21 February 2012
No , exemption is available only on FD for 5 years or more. When you go to a bank to open a tax saving FD, please mention it upfront that you want a tax saving FD and not a regular FD – this is because banks offer these tax saver FDs as separate and distinct from regular FDs.
| Name of Banks offers these FD's |
| State Bank of India (SBI) |
| ICICI Bank |
| HDFC Bank |
| IDBI Ltd. |
| Canara Bank |
| Allahabad Bank |
| Union Bank of India (UBI) |
| Syndicate Bank |
|
Post Office Time Deposit Account Thanks, |
Hirday Narayan Gupta
(Accountant)
(21 Points)
Replied 05 August 2014
I have FD for five years Rs.100000/- So how many amount deducation every year.
CA PALLAVI VOHRA
(Learner)
(140 Points)
Replied 05 August 2014
Hirday, the deduction is available only if
1.while opening the FD, it was clarified to the bank that it is a tax saver FD.
2. deduction is available only in the year in which the deposit is made.not in subsequent years
3. interest income on this FD is taxable income.
CAclubindia
