UNCULTURED TRADER
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Taxation of Fixed Deposits (FD)
🆎Investing in FD- 5 years Lock In - Deduction U/S 80C - ₹1,50,000
🆎Interest from FD is Taxable under the head other sources⇒ one can follow cash / Accrual system of Accounting for taxpayment
🆎Deduction U/S 80TTB Citizens ₹50,000 - available for Senior Citizens⇒ You can invest in FD for Fixed, stable and risk free Income
