14 August 2018
Is there any tax implication if we deposit more than 2 lac during the year. can we split the amount of deposit in different accounts if we deposit more than 2 lac.
14 August 2018
Interest income on Fixed deposit are full taxable. Interest income will be added to your total income & slab rate as applicable in your income. Such interest income are taxed when it is accrued and not when the FD matures or interest income payout.
It does not matter whether Amount of deposit splited or not, Interest income on Fixed deposit are taxable.
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