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Fixed Deposits InterestTax free to the bank's share holder

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(Querist)
24 September 2010 Hi,

Is it true that the Interest received on Fixed Deposits is tax free to the bank's share holder. If so kindly quote the IT section for this.

Regards,

Dear Sir,

Request elaboration on this with IT section.

Thanks & Regards,
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
24 September 2010 The interest income is not tax free but in some case can be paid without deducting TDS.
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prakashphadke

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prakashphadke (Querist)
28 September 2010 Request elaboration on this with relavent IT section
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
28 September 2010 Not exempt.

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