Please tell me the provision regarding Fixed deposits?
How can I claim deduction in my Total Income?
Thanks / Regards.
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Income tax provisions for fixed deposits
Replies (1)
Sec.80C (2) provides that if the assessee during the P.Y. deposites any money in FD for 5 yrs,
"(xxi) in any scheduled bank, or
(xxiv) in any post office scheme."
it shall be allowed as a deduction for that P.Y. upto the amount so deposited.
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