Fixed deposit interest income

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CA Anoop Dangwal (Querist)
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08 July 2012 Fixed deposit dated 12-7-2007 for 100000 and
maturity date 11-7-2012 with 178000. Other Income during last last five years are nil as he is a student not working anywhere.
My question is whether interest income of 78000 is taxable in the hands of the same person and thereby tds would be deducted by the bank.

CA Anoop Dangwal

CA Anoop Dangwal (Querist)
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08 July 2012 Pan number is already submitted to the bank.

CA Anoop Dangwal

CA Anoop Dangwal (Querist)
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08 July 2012 Should Form 15G/H be submitted to the bank in order to escape from tds.

RITU JAIN

RITU JAIN (Expert)
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08 July 2012 YOUR AGE NOT CLARIFY YOU ARE NOT EARN MONEY . YOUR INTEREST INCOME ID ADD ON YOUR PARENTS INCOME. YOU ARE STUDENT AND DEPEND ON PARENTS.WHAT SOURCES COLLECT MONEY & DEPOSITED IN BANK NOT CLARIFY

CA Hardik Bunha

CA Hardik Bunha (Expert)
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08 July 2012 if form 15G is submitted to bank timely then bank will not deduct your tds.

whole rs. 78ooo will not be taxable because it is under tax slab.

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CA Anoop Dangwal

CA Anoop Dangwal (Querist)
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08 July 2012 His father had made the fd in the name of his
dependent, but major(18+) son.

Prof. Bajaj

Prof. Bajaj (Expert)
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09 July 2012 You are not liable to tax and if bank has already deducted TDS then you can claim for a refund by filing IT return.

HRIDAYNATH PATRA

HRIDAYNATH PATRA (Expert)
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10 July 2012 Hi Anoop,
Bank is not bothered about the source of the money. They will deduct tax from the interest income if the interest amount is more than Rs. 10,000/-.

You can escape from the deduction of tax only if you submit For 15G. Form 15G should have been deposied to the bank within April 202. Please request bank to accept your Form 15G. For that also you do have only today's time.

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