if a individual invest Rs 5 crore FD by interest payout monthly option.by ROI 5.5% he recieves Rs 2,28,000 interest monthly, if he does not have any other income source is his interest income taxable and under which rate ? also what is the Form 15 G/H provision for this case ?
pls give detail answer.
Yes his income is taxable and it will be shown as income from other sources and tds will be deductible u/s 194A
In case if you don't give form 15G/H then tds will be deducted with PAN.
In case if you don't furnish Pan then tds will be deducted @ 20%
CAclubindia
