EXEMPTED INTEREST ON FDR in itr 1

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If you've received interest on a Fixed Deposit Receipt (FDR) that is less than Rs. 40,000, you should declare it under the 'Other Sources' schedule in your ITR 1. While TDS may not have been deducted, this interest is not tax-free. Senior citizens may be eligible to claim a deduction of up to Rs. 50,000 under Section 80TTB.

ANIL MATHUR

ANIL MATHUR (Querist)

23 September 2021 Where to show the exempted interest received on FDR in ITR 1

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

23 September 2021 How can interest on FDR be exempted?
It is to be declared under IFOS.

ANIL MATHUR

ANIL MATHUR (Querist)

24 September 2021 It is less than Rs. 40000/-

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

24 September 2021 It means TDS will not be deducted, but it is not tax-free. Only for Senior Citizens the deduction upto Rs.50,000/- can be claimed u/s. 80TTB.
Declare it under Schedule 'Other Sources' ....

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