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Fixed deposit 80c deduction

CA ANKUSH AGGARWAL (CHARTERED ACCOUNTANT) (2782 Points)

04 May 2015

Hey Friends!

I have a query regarding Fixed deposit deduction u/s 80C.I have deposited money in Tax saving fixed deposit scheme in feb 2015.I want to claim deduction for the same in AY 2016-17 i.e. FY 2015-16.

Is it allowed?

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4 Replies

Deepak Gupta (CA Student) (15922 Points)
Replied 05 May 2015

Section 80C specifies that the amount should be paid or deposited in the previous year. Hence, deduction will be available for F.Y. 2014-15 only.

1 Like

Sriram (CMA Final) (178 Points)
Replied 05 May 2015

Deduction is allowed for FY 2014-15 only.

Kumaresh (STUDENT) (30 Points)
Replied 05 May 2015

What is abridged Prospectus?

Ileana Lyardson (Student MBA) (26 Points)
Replied 20 May 2015

Section 80C of the Income Tax Act deals with deductions with respect to certain payments. To claim FD(Fixed Deposit) deduction under section 80C the amount should be deposited in the previous year. For an amount deposited in February 2015 one can claim exemption in the FY 2014-2015 only. It cannot be claimed for the next financial year, i.e 2015-2016.