Tax on bank fd
Querist : Anonymous
If a person's total income is below taxable income limit-
Does he still have to pay TDS on bank FD interest ? (FD is for 1 year)
Is the maturity amount added to his total income ?
Is the maturity amount shown in ITR ?
Thanks
Such TDS can be avoided by declaring that his total income is less than the taxable income through Form 15G (if he is below 60yrs of age) or 15H (if he is above 60 yrs).
Maturity amount need not be added to his total income since it is a capital receipt.
Maturity amount neednt be shown in ITR too.
Hope this helps
Querist : Anonymous
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