RESPECTED SIR/MADAM
WOULD YOU PLEASE TELL ME THE TAX TREATMENT OF INTEREST ACCRUED ON TERM DEPOSIT UNDER SECTION 80C,AND AS WELL AS THE TAX TREATMENT OF MATURITY AMOUNT ,
WHETHERN INTEREST ACCRUED ON ABOVE TERM DEPOSIT U/S 80C QUALIFIED AS REVINVESTMENT AND ELIGIBLE FOR DEDUCTION UNDER SECTION 80C.
PLEASE REPLY AS SOON AS POSSIBLE
THANKS
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TERM DEPOSIT UNDER SECTION 80C
Replies (5)
INTEREST ACCRUED ON TERM DEPOSIT UNDER SECTION 80C IS TAXABLE AS INTEREST UNDER THE HEAD INCOME FROM OTHER SOURCES.
THE MATURITY AMOUNT INCLUDES PRINCIPLE AMOUNT INVESTED AND THE INTEREST ELEMENTS ONLY, BOTH OF THEM ARE EXEPT FROM TAX.
INTEREST ACCRUED ON ABOVE TERM DEPOSIT U/S 80C WILL NOT BE QUALIFIED AS REVINVESTMENT AND HENCE NOT ELIGIBLE FOR DEDUCTION UNDER SECTION 80C.
agreed wid mr. akhil gupta
AGREE WITH AKHIL
Yes agreed..
We are still not under the EET scheme..
| Originally posted by : Akhil Gupta | ||
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INTEREST ACCRUED ON TERM DEPOSIT UNDER SECTION 80C IS TAXABLE AS INTEREST UNDER THE HEAD INCOME FROM OTHER SOURCES. THE MATURITY AMOUNT INCLUDES PRINCIPLE AMOUNT INVESTED AND THE INTEREST ELEMENTS ONLY, BOTH OF THEM ARE EXEPT FROM TAX. INTEREST ACCRUED ON ABOVE TERM DEPOSIT U/S 80C WILL NOT BE QUALIFIED AS REVINVESTMENT AND HENCE NOT ELIGIBLE FOR DEDUCTION UNDER SECTION 80C. |
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