VR Logo

Is SCSS eligible for tax deduction?

Investments in SCSS are eligible for tax deduction under Section 80C

I want to know whether investment in Senior Citizen Savings Scheme for 5 years is eligible under Section 80C for tax purpose?
-Ram Bablani

Investments in SCSS is eligible for tax deduction under Section 80C of IT Act. However, interest earned is fully taxable and tax is deducted at source if the total interest exceeds Rs 10,000 in a year. If your income is below the taxable limit, you should provide form 15H or 15G to avoid TDS.

Post Your Query