Interest on FD is taxable for a person of 58 years age ? Or the same is taxfree under any of the section.
5 Replies
Ankita Jain
(CA in practice)
(185 Points)
Replied 08 August 2021
Yes, it is fully taxable for person below 60 years of age
Akshay Agaldiviti
(-----)
(40 Points)
Replied 08 August 2021
Yes fully taxable,
No specific deduction available under chapter VIA to persons below 60 years of age.(80TTB is only to senior citizens)
note: banks deduct TDS on FD interest under sec194A, hence check form26AS and avail TDS credit
Akshay Agaldiviti
akshay.agaldiviti @ gmail.com
prasad Nilugal
(3914 Points)
Replied 08 August 2021
As per section 194A of the I T act , up to 40000/- interest on FD no TDS , age below 60 years .
Veresham Bejugam
(Retired employee.)
(35 Points)
Replied 09 August 2021
If age is above 60 years what is limit of tds deduction
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