Interest from Finance insti
This query is : Resolved
23 March 2011
Hi,
Last yeat my income was 2L( after paid all the tax). I have deposited in Finance insti located in local city @ interest rate of 12%/year. I am getting the interest for every month. so Do i have to pay the Tax for the interest got from Finance instu. If yes, What is the Tax percentage?
Thanks for your valuable replay
Last yeat my income was 2L( after paid all the tax). I have deposited in Finance insti located in local city @ interest rate of 12%/year. I am getting the interest for every month. so Do i have to pay the Tax for the interest got from Finance instu. If yes, What is the Tax percentage?
Thanks for your valuable replay
CA Navin Jain
(Expert)
23 March 2011
Interest amount will be including in ur total taxable income and tax will be applicable as per slab rate
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