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Bank FDR limit u/s 80C has increased to 150000

CBDT has increased the bank fixed deposit limit from 1 Lakh ruppes to 1.5 Lakh rupees for the exemption u/s 80C. This is called Bank term deposit scheme. CBDT made an amendment and increased to 1.5 Lakh with a notification no. 63/2014 dated 13 November 2014. Full notification is as under.

S.O. 2906(E).In  exercise  of  the  powers  conferred  by  clause  (xxi)  of  sub‐section  (2)  of section  80C  of  the  Income‐tax  Act,  1961  (43  of  1961),  the  Central  Government  hereby makes the following amendments to the the Bank Term Deposit Scheme, 2006, namely:‐ 

1.    (1) This scheme may be called the Bank Term Deposit (Amendment) Scheme, 2014. 

(2) It shall come into force on the date of its publication in the Official Gazette. 

2.  In the Bank Term Deposit Scheme, 2006, in para 3, in clause (1), for the words “one lakh rupees” ,the words “one hundred and fifty thousand rupees” shall be substituted. 

Banking Calculators GST

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