Deduction under section 80c has mentioned Fixed Deposits. You cannot withdraw and pledge the amount before the maturity period. According to section 80c the maturity period is for 5 years. The low risk averse customers are attracting towards this scheme. Specially those who do not have wish to invest in PPF and ELSS market. Interest earned on FD is liable to tax, this is the single disadvantage of the scheme. Fixed deposit scheme has 8.5 to 9% interest rate. You can invest the maximum amount in this scheme is Rs 100000,as deduction under section 80c allows. Only ICICI Bank provides the facility to open fixed deposit saving online.
Wednesday, August 29, 2012
Monday, August 27, 2012
TDS Rates on Insurance Commission
TDS Rates on Insurance Commission is 10% on the value of the contract. Thus if the the sum of money is paid in persuance to a Insurance commission contract then TDS Rate for deducted shall be 10%. It is to be noted that the minimum on which no TDS needs to be deducted is Rs 20000. For any payment more than that TDS needs to be deducted.
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