Int received on f.d
harsh (student) (125 Points)
15 April 2016
what is the tax treatment of interest received on f.d ?
can an assesee avail deduction under sec 80 ?
if yes, how much?
Shubham Gupta
(Business Consultants)
(2077 Points)
Replied 15 April 2016
it will be added as a part of other income.
Deduction u/s 80c can be taken for interest on saving bank upto 10000Rs
Suresh
(Learning)
(155 Points)
Replied 15 April 2016
Interest received on FD is taxable ( Income from Other Sources). Assessee can avail deduction under Sec 80C (Upto 1.5 Lacs) only on Tax Saver Fixed Deposits ( lockin period 5-years).
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 15 April 2016
Deduction u/s 80TTA is available to individual Tax payer or HUF only upto 10000/- or actual interest earned (whichever is less) in Bank savings accounts only, sec 80TTA is not applicable on time deposit or Fixed deposit
Ruchi
(CA)
(1410 Points)
Replied 15 April 2016
Interest received on FD is taxable under Income from Other sources. 80C deduction is available when you invest in FD and not on interest on FD. And Sec 80TTA is applicable on interest from Savings account and not FD interest. Hence it is fully taxable.
CAclubindia
