Tax saving FD

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20 Points Posted on 15 May 2020
is it possible to withdraw Tax Saving FD investment due to Covid-19 pandemic?
if yes , can anyone explain the process
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On 15 May 2020 at 10:44 Report
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Quick Summary
This discussion addresses whether it's possible to make a premature withdrawal from a Tax Saving Fixed Deposit (FD) due to the Covid-19 pandemic. While generally not allowed, it is possible to withdraw by paying back the tax savings claimed in previous assessment years. The exact process for this premature withdrawal is then enquired about.

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Expert
192 Points Posted on 15 May 2020
Premature withdrawal is not allowed on tax saving FD.
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On 15 May 2020 at 12:12
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12244 Points Posted on 15 May 2020
Yes you can withdraw but 80C deductions availed, based on that tax saving fd, for earlier assessment years will be charged to tax
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On 15 May 2020 at 12:46
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Student CA IPC / IPCC
352 Points Posted on 15 May 2020
Hello Mr. Nagraj Premature withdrawal of tax saving fd is allowed by paying tax which you are saved earlier assessment years.

Thanks
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On 15 May 2020 at 16:11
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20 Points Posted on 15 May 2020
Do you knw the proces?
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On 15 May 2020 at 16:47

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