08 July 2012
Fixed deposit dated 12-7-2007 for 100000 and maturity date 11-7-2012 with 178000. Other Income during last last five years are nil as he is a student not working anywhere. My question is whether interest income of 78000 is taxable in the hands of the same person and thereby tds would be deducted by the bank.
08 July 2012
YOUR AGE NOT CLARIFY YOU ARE NOT EARN MONEY . YOUR INTEREST INCOME ID ADD ON YOUR PARENTS INCOME. YOU ARE STUDENT AND DEPEND ON PARENTS.WHAT SOURCES COLLECT MONEY & DEPOSITED IN BANK NOT CLARIFY
10 July 2012
Hi Anoop, Bank is not bothered about the source of the money. They will deduct tax from the interest income if the interest amount is more than Rs. 10,000/-.
You can escape from the deduction of tax only if you submit For 15G. Form 15G should have been deposied to the bank within April 202. Please request bank to accept your Form 15G. For that also you do have only today's time.
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