Under tax slap

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 June 2012 Dear All,

My Income come under Income tax slap so in what manner i can say tax.

If i do fixed deposit for the 5 years for rs.1 lac. after the maturity the amount which i will recd on that i have to pay tax on that

Please suggest me...

thank you

CA Dileep Surya Kumar

CA Dileep Surya Kumar (Expert)
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29 June 2012 You have to offer interest income for each year, year of maturity only the balance income will be taxable.

if your income is below taxable limit then no need of paying any tax, however you have to file return if gross total income exceeds maximum not chargeable to tax otherwise optional.