Fixed deposit 80c deduction

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.

Deduction is allowed for FY 2014-15 only.

What is abridged Prospectus?

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.