I have invested term deposit of Rs.10,000/- this year with a scheduled commercial Bank for a period of 5 years. I understand that this amount is eligible for claiming deductions under Section 80 CCC. My employer says that this is not implemented so far. I want to know whether my contention is correct. If it is correct, please let me know from where I can gather the authenticated information and submit it to my employer. Thanks.
2006-12-12 23:50:24 · 5 answers · asked by Viyer 1 in Business & Finance ➔ Taxes ➔ India
Term deposits for a period of 5 years and more comes under 80C for the Financial Year 2006-07 (Assessment Year 2007-08). Please go through the link given below. You will satisfy that the deposit is 80C.
http://www.thehindubusinessline.com/2006/08/19/stories/2006081900391100.htm
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2006-12-13 01:34:51 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The term deposit has to be for a period of 5 year.
Refer to regulation at www.allindiantaxes.com
2006-12-14 03:07:01 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It is implemented, ask him to refer to Notification No. 203/2006, Dated: July 28, 2006 BANK TERM DEPOSIT SCHEME, 2006
2006-12-13 10:20:52 · answer #3 · answered by Falgesh Sanghvi 2 · 0⤊ 0⤋
Banks have introduced special deposit scheme for such IT exemption deposit of five years. You should invest in those schemes to gain the IT benefit. Check up with your bank and if necessary change your investment to the special deposit scheme.
2006-12-13 23:54:44 · answer #4 · answered by cvrk3 4 · 0⤊ 0⤋
better check income tax dept site for authentic information
2006-12-13 08:07:31 · answer #5 · answered by VIJAY 3 · 0⤊ 0⤋