Is Interest received on Fixed Deposit Taxable?
Is there any deduction while making investment in F.D?
4 Replies
ravi bhatia
(ca)
(28 Points)
Replied 04 September 2009
| Originally posted by :Mehul K. Thakkar | ||
| " | Is Interest received on Fixed Deposit Taxable? Is there any deduction while making investment in F.D? |
" |
intrest received on fd is taxable, further u can also get tds certificate from bank if they deducted it
there may be deduction if u make fd in post office.
CA Manish K Dhoot
(CA, B. Com, NCFM, CPCM)
(5015 Points)
Replied 04 September 2009
if amount of interest is upto Rs. 5000 then it is not taxable.
Pradeep Kr Shukla
(Service)
(73 Points)
Replied 05 September 2009
| Originally posted by :Mehul K. Thakkar | ||
| " | Is Interest received on Fixed Deposit Taxable? Is there any deduction while making investment in F.D? |
" |
yes the Interest on FD is liable for TDS deduction if the intt on FD is more than 15000/- presently and is taxed as income from other sources.
Pradeep
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 05 September 2009
If FD is invested for more than 5 years then deduction is available u/s 80C
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