what is the maximum interestamount received in bank fixed deposit is eligible for exemption I.T.ACT : Fixed Deposits : RupeeTimes Answers

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what is the maximum interestamount received in bank fixed deposit is eligible for exemption I.T.ACT
SUPPOSE RS.6LAKHS INVESTEDIN FIXED DEPOSIT AND THE INTEREST RECEIVED IS RS.42000/ WHTHER THE WHOLE RS.42000/IS ELIGIBLE UNDER INCOMETAX ACT.
In Fixed Deposits - Asked by JEYARAM - 1 year ago
Best Answer: The upper limit of investment as per section 80C is Rs. 1 Lakh. The amount of tax that you save would depend on the income tax slab that you fall in – it could be 10%, 20% or 30% of the amount invested in this FD. To know more about fixed deposits visit rupeetimes.com. 1 year ago - By Ali

Other Answers (2)	show:
Answer 1. There are various tax saving investment options you can do research about these options and can invest in them and earn high returns. 1 year ago - By Gini
Answer 2. Under section 80C of the income tax act the maximum of Rs. 1 Lakh, are deductible from your income. This means that your income gets reduced by this investment amount up to Rs. 1 Lakh. The benefit is available to everyone, irrespective of their income levels. Thus, if you are in the highest tax bracket of 30%, and you invest the full Rs. 1 Lakh, you save tax of Rs. 30,000. 1 year ago - By Jonty

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