25 June 2014
sir, i have a fixed deposits(f,d) 5000000 in a bank at 1st june 2013. after selling the house property . then decided to make a fixeddeposit in the bank so plese tell me about the tax which i pay to the income tax .i also recive interest @10% and i am in a super senior citizen.so please guide me.which amount pay to the department.
25 June 2014
Tax applicable for Super Senior Citizen is on income above Rs 5L. Interest on FD will b taxable but since u r SSC hence Rs. 500000/- as interest will b exempted. But if u have income from any other sources or any other heads of income(Salary, Capital Gain, PGBP,& House Property) then ur whole income will b taxable after deduction under chapter VI-A
26 June 2014
if your are senior super citizen your tax exemption limit is Rs. 5 lacs . if your yearly income below Rs. 5 lacs then no tax will due to deptt. if your income is over 5 lacs to add another income. then you have to pay tax .
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