Interest income (from fd)- rs2lak limit or rs3l ?

Balaji Subbu (SAP FICO) (220 Points)

22 April 2017  

Dear Professional Friends

If one Fixed Deposit Holder earns INTEREST INCOME (from FD) for 2017-2018 as Rs2Lakhs, and this Rs2L interest income  will attract any INCOME TAX?

(1) if so %? 

(2) Like form15G, shall we give any other FORMS to aviod the Income TAX for the INTEREST INCOME?

(3) Please do not inform about FORM15G procedures, that I aware

Fixed Deposit Holder is an individual Male, NO JOB age is 52

He will purchase a house during June 2018, so he is having all his life saving in the form of FD in the Nationalized Bank in India

Adv thanks

regards

Balaji Subbu