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taxability
by sourav mukherjee on May 10, 2008 02:24 PM   Permalink | Hide replies

amount received from fixed deposit, deposited into bank.what about taxability of int & principal amount

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  RE:taxability
by Amitabh on May 10, 2008 07:06 PM   Permalink
If your fixed deposit is for a period of 5 years or more the same will be eligible for deduction under Sec 80C within the overall limit of Rs 1 lac.Interest is fully taxable.When you get back the principal,it will not be taxed under any circumstances.

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