Anyone can tell me "interest earned from the savings bank and from Fixed deposit, both will be added in my income and will be taxable or any limit of tax free".
4 Replies
Kalpesh Doshi
(Service)
(27 Points)
Replied 21 October 2008
Dear Asish ,Interest earned form savings bank will be taxable and will be included in ur Total income ,while FD interest will be also taxable if it is not for 5years or above which is currently comes under 80c for exemption upto 1lac .
Darshu
(CA)
(1580 Points)
Replied 21 October 2008
Yes Ashish,interest earned from the savings bank and from Fixed deposit, both will be taxable .
Ashish
(Professional)
(117 Points)
Replied 21 October 2008
Thanks for answering, then why govt. made a rule till Rs 10000/- bank doesn't deduct TDS. they can increase this limit to 1 lac too... because we have to give a tax from this way or that way.
CA VINOD JOSHI
( CA)
(132 Points)
Replied 29 May 2012
when FD mature and amount rec , then FD principle amount taxable or not ?
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