Fixed deposit of 1,00,000/- for 5 year

You have to consider accrued interest on FD on yearly basis.. e.g. each year you are earning 10000 interest out of this FD than 10000 can be your income from FD... you can submit form 15g/h to avoid TDS

Form No 15G: Only a person who is resident in India can submit Form No. 15G. So an NRI cannot submit this form.  Any person other than a company can submit Form No. 15 G. So any individual, HUF, Trust, Association of Persons or Body of Individuals can submit Form No. 15G. Form 15G is submitted by individuals who are less than 60 years of age. Form No. 15H: Any resident Individual who is above sixty years of age or completes sixty years during the financial year can submit Form No. 15H provided his tax liability on the basis of his estimated income is nil for the financial year.  - See more at: https://www.indiainfoline.com/article/news-sector-others/form-15g-15h-save-tds-on-interest-on-fds-114052800212_1.H T M L#sthash.uSX8wQYL.dpuf

You may claim deduction u/s 80C in the year of investment. If you have created an FD in the FY 2014-15, then you may claim deduction in your ITR for the FY 2014-15. Yearly interest shall be taxable when the bank credits your account. TDS can be avoided if you submit form 15G if you are eligible.

Thanks to Madav and Mihir,

So, from your input I understood the Interest on FD can be shown in Other Income section of IT Declaration.

I'm refering https://www.nitrr.ac.in/downloads/IT%20Declaration%20format.pdf Declaration Form.

And is there any possibility of declaring the Investment Amount 1,00,000 (like FD with 5 years lock)??

Thanks

You can show this investment in your ITR u/s 80C and claim deduction.

I would like to suggest you that rather going for 5 years lock in period F.D you should make F.D for 1 year or 365 days & get it renew every year ,if you do not renew it automatic get renew(Auto rollover).its more beneficiary to you,,,,,for showing Interest income

Thanks to Mihir and Chauhan,

So, I can include my Investment of 100000 under section 80C for the financial year (as per our e.g. it is 2014-15), the rest of the years (like 2015-16, 2016-17...) I can only show the Interest Amount not the Pricipal/Investment. Am I right..??

Thanks

Please note that not every 5 year FD is qualified for 80C deduction , it has to be tax saving depost FD

Thanks YAGAPPA and All,

Now, I understood everything related to TAX Saving FD and the why of exempting it from Declaration.

Thanks

The amount invested in FD’s is eligible for tax deductions under section 80C of the Income Tax Act. The actual amount of tax you could save depends on the Income tax slab your income comes under (i.e 10%, 20% or 30%). If you are in the 30% slab you could save upto Rs. 30,900. The savings reduce to Rs. 20,600 and Rs. 10,300 respectively for the 20% and 10% slab. The interest you earn from this FD is taxable. By opting for cumulative interest option you can ensure that the interest reinvested in the FD is not considered as a new and fresh investment, thereby saving you money under section 80C. The current cap of exemption under section 80C stands at Rs.1,50,000.