Can i deduct my FD from my income tax, if so how i can do that?

Question

Can i deduct my FD from my income tax, if so how i can do that?

Answer 1

No,  you must include the interest from FD (even accrued interest) in your total income. There is no deduction available on the interest income.

Forum on India Taxes http://mytaxes.in

Answer 2

U cant i m afraid. not deductible under any head.

but, u can have fake ur income saying that the FD amount is a gift from ur near relative.. and u can conceal ur other sources income like business income or rent (BUT ONT SALARY) if its thru cash and not a bank account.

NOTE: Gift received from Near relatives is exempt under section 56 of income tax act.

Answer 3

There are tax savings Fixed Deposits with a maximum amount of Rs. 1 lac per year. Minimum period of deposit is 5 years. Visit Ratekhoj.com's tax savings section(http://www.ratekhoj.com/fixeddeposit/tax... to get more details.

Answer 4

What's an FD?

Answer 5

You can get deduction for fixed deposits (subject to maximum 100000 Rs.) from your gross taxable income under chapter VI A subject to following conditions:

Fixed deposit for 5 years and more with a scheduled bank in ascheme notified by govt.

Your F.D Reciept must mention that you can claim deduction under Sec. 80C

Answer 6

no