Investment in time deposits

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45 Points Posted on 11 May 2021
I have made investment in 05 year tax saving FDR. Now I want to know whether I can claim deduction u/s 80C for 01 year or 05 year for above said investment in FDR.
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On 11 May 2021 at 21:48 Report
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Quick Summary
This discussion clarifies how deductions for tax-saving Fixed Deposit Receipts (FDRs) under Section 80C of the Income Tax Act are claimed. The consensus is that the deduction can only be claimed once, in the year the investment is made. It is not possible to claim the deduction repeatedly for the same investment over its tenure.

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180 Points Posted on 11 May 2021
Only in the year of investment
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On 11 May 2021 at 22:02
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tax consultant
3306 Points Posted on 11 May 2021
Only in year 1
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On 11 May 2021 at 22:50
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180 Points Posted on 11 May 2021
Yes. onky one time
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On 11 May 2021 at 22:51
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tax consultant
3306 Points Posted on 11 May 2021
That goes without saying. a single investment would get you deduction only once. how could someone take deduction for the same investment repeatedly.
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On 11 May 2021 at 22:56
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Chartered Accountant
24588 Points Posted on 12 May 2021
Only for 1 year can be claimed
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On 12 May 2021 at 05:57
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Practice
1361 Points Posted on 12 May 2021
Agreed
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On 12 May 2021 at 08:59

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