Menu
Interest on tax savings term deposit
I have invested Rs. 100,000/- to Central Bank of India's 5 years Tax Savings Term Deposit. Interest Accrued (yearly) is eligible for deduction u/s 80C ?
Replies (6)
No. interest is not allowed as deduction u/s 80 C.
Yes deduction is not available but interest is taxable.
yes interest is not allowed under 80c only the investment 100000 is eligible for deduction in 80c for that financial year only
1) If you can fill form 15G/15H as per applicablity
2) If bank is deducting tax
if either condition satisfying than you should show that interest amount as INCOME TAX Is silent on interest amount
Interest accrued on tax saver FDR is taxable income and no deduction u/s 80c is allowable under income tax act for intt. on tax saving FDR. Only principal is allowed as deduction u/s 80c.
Thank you all.
Recent Threads
- E way bill expired penalty
- Best SME Focused AIF Funds in India for High Growt
- How does employee management software help in stat
- Clarification Required – Section 18 of Wage
- How to split freelance project income with a frien
- 194a for A y 2024-25
- Compensation & Benefits
- SAC code and GST rate transport services for anima
- Section 44AB is Gone — How Different is Tax
- Capital Gains from Cancelled Residential Project
Related Threads
CAclubindia
