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Deposits in 5 year time deposit qualify for deduction under section 80 c of income tax act on the deposits made in new accounts opened on or after 8th december 2007.
Term deposit under section 80c. As per this section resident individuals or hindu undivided families hufs who have invested in a tax saving fd are eligible to claim deduction up to rs. Interest amount earned on such deposits is taxable. Tax saver fixed deposit fd is a type of fixed deposit by investing in which you can get tax deduction under section 80c of the indian income tax act 1961.
Where an assessee being individual or hindu undivided family has made an investment in term deposit of any scheduled bank for a fixed period of not less than five years for an amount not more less than hundred rupees is eligible to claim deduction on total income under section 80c at an amount lower of amount invested or one lakh which is one lakh fifty thousand from assessment year 2015 2016. The interest is entirely taxable. The section 80c of the income tax act offers deductions up to rs 1 5 lakhs per year to all tax paying individuals irrespective of their tax bracket.
Lock in period of 5 years interest earned is taxable. 1 5 lacs from your income. Tax saver fixed deposits fds also come under section 80c deduction.
However the amount invested in tax saving fixed deposits can be claimed as a deduction under section 80c. Any investor can claim a deduction of a maximum of rs 1. Premature withdrawals will be.
5 year liquidity. The basic features can be listed as follows. Any deposit that you make with a bank for a period of 5 years is eligible for tax deductions up to the specified limit stated under section 80c of income tax act 1961.
Section 80c of the income tax act 1961 allows taxpayers to avail certain deductions on their earned income provided they have successfully made investment mentioned under section 80c. Tax saver fixed deposits are a simple instrument to get deductions up to rs 1 5 lakhs per year. Lock in period 5 years.
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