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Whether Post office savings - 1 year Term Deposit is eligible for deduction u/s 80C for Senior citizen employee

Mahendra L

Whether Post office savings - 1 year Term Deposit of ₹ 1,50,000/- is eligible for deduction u/s 80C for Senior citizen employee?

Please clarifiy as per the latest provision of Income Tax Act.

1-Year Post Office Term Deposit Ineligible for Section 80C Deduction; 5-Year Term Required for Senior Citizens A query was raised about whether a 1-year term deposit in a post office savings account qualifies for a deduction under Section 80C of the Income Tax Act for a senior citizen employee. The consensus among the respondents was that the deduction is only applicable if the deposit term is 5 years or more. The discussion concluded with an acknowledgment and expression of gratitude for the clarification provided. (AI Summary)
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