Hi,
/forum/details.asp?mod_id=208684&offset=2#.UyFvV6Lm5xC
Please see the link, where some clarification has been sought on the interest on fd for the accounting year 2013-14. Is it correct that FD, if maintained in different banks, will be automatically taxed at 10% and 3% irrespective of the accrued interest for the year 2013-14, irrespective of the fact that it does not exceed 10000/-. Suppose, if a persons interest does not accrue more than 10000/- is , say 8560, will also be taxed to the extent. There is real confusion, in the latest year that only interest accrued to savings bank ac, that is the interest for the actual savings bank ac alone are exempted under 80TTA rule, and not any transfer of interest from FD to SB a/c.. Why this has been done? I think 2012-13 , the situation is different
This proposal,nullifies the interet exempted for Fixed Deposits. In savings bank, no body would be having that much of amount, that accrues to 10000/- a year.
Please clarify, to the fact that NO interest on FD is exempted this year , irrespective of the amount of FD.Detailed clarification would be very helpful to the readers and members
CAclubindia
