Term deposit deduction under section 80C limited to the first holder for joint deposits; defines single and joint issuance. The Bank Term Deposit Scheme, 2006 recognises two deposit types: single holder deposits (issuable to an individual or the Karta of an HUF) and joint holder deposits (issuable to two adults or an adult and a minor, payable to either or the survivor). For joint deposits, the Scheme limits income-tax deduction entitlement to the first-named holder, defining who may claim the tax deduction for the deposit.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Term deposit deduction under section 80C limited to the first holder for joint deposits; defines single and joint issuance.
The Bank Term Deposit Scheme, 2006 recognises two deposit types: single holder deposits (issuable to an individual or the Karta of an HUF) and joint holder deposits (issuable to two adults or an adult and a minor, payable to either or the survivor). For joint deposits, the Scheme limits income-tax deduction entitlement to the first-named holder, defining who may claim the tax deduction for the deposit.
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