Tax on bank fd
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 September 2012
Dear experts,
If a person's total income is below taxable income limit-
Does he still have to pay TDS on bank FD interest ? (FD is for 1 year)
Is the maturity amount added to his total income ?
Is the maturity amount shown in ITR ?
Thanks
If a person's total income is below taxable income limit-
Does he still have to pay TDS on bank FD interest ? (FD is for 1 year)
Is the maturity amount added to his total income ?
Is the maturity amount shown in ITR ?
Thanks
23 September 2012
1. When the interest income is less than taxable income, he NEEDN'T pay any tax.
Such TDS can be avoided by declaring that his total income is less than the taxable income through Form 15G (if he is below 60yrs of age) or 15H (if he is above 60 yrs).
Maturity amount need not be added to his total income since it is a capital receipt.
Maturity amount neednt be shown in ITR too.
Hope this helps
Such TDS can be avoided by declaring that his total income is less than the taxable income through Form 15G (if he is below 60yrs of age) or 15H (if he is above 60 yrs).
Maturity amount need not be added to his total income since it is a capital receipt.
Maturity amount neednt be shown in ITR too.
Hope this helps
Message likes :
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Querist : Anonymous
Querist :
Anonymous
(Querist)
23 September 2012
Thanks Mr. Srinivas.
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