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Tax deduction for five-year bank FDs and post office deposits (POTD)

Tax deduction for five-year bank FDs and post office deposits (POTD)

Thursday, November 30, 2017, 12:18 PM

The maximum investment of Rs 1,50,000 per year in five years fixed deposits (FDs) with certain banks is eligible for exemption under section 80C. Similarly, a maximum investment of Rs 1,50,000 in five years post office deposits (POTD qualifies for exemption under Section 80C. However, interest accrued on both the schemes is entirely taxable.
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