Dear Sir / Madam,
What is Tax Saver Deposit...?
Which amount will be Deductible under Cha-VI A...?
Can any other FD interest deduction available to Senior Citizen Ay 17-18...?
please reply urgent.
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Tax Saver Deposit
Replies (4)
- Such FDs come under Bank Term Deposit Scheme, 2006
- FD will be for a fixed period of not less than 5 years
- Investment: Min. 100/-, Max. 1,50,000/-
- Applicable for: Individual and HUF
- Holding: Single or Joint
- 80C deduction within overall ceiling of 1,50,000/-
- Deduction u/s 80C(2)(xxi) for Bank
- 80C Deduction: Only to first holder
- Interest: Taxable and TDS deductible
- Deduction also available u/s 80C(2)(xxiv) for Post Office 5 year FD
Yes, the deduction u/s. 80C by investment in tax saving FD is also available to senior citizens.
for senior citizens...deduction u/s 80TTB can be claimed upto 50000 INR interest
Deduction u/s. 80 TTB is Rs.40,000/- for FY 2018-19, which includes interest earned from bank & postal FDs.
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