Tds charged on interest income of tax saving fds

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nikhar (Querist)

08 March 2014 please tell me that ....is tds to be charged on interest income earned from tax saving FDs for any year of the blocking period?? if yes, then can i save that tax amount if my net taxable income is less than rs. 2 lacs????

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

08 March 2014 Interest received on tax savings fixed deposits will be taxable under Income from other sources. incase your net taxable income is less than Rs.2 lakhs, then you can file the return claim refund the tds deducted on the interest amount

nikhar

nikhar (Querist)

09 March 2014 can i fill form 15 g to avoid that tax as my gross salary income is rs. 240000/- ???

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

09 March 2014 Form 15 g applicable for those taxable income below the basic exemption limit, if your taxable income below Rs.2 lakhs, you are eligible for apply form 15G

nikhar

nikhar (Querist)

09 March 2014 sorry, i wont be able to get u properly......
i still have a confusion......
my gross salary is rs.240000/- but as i have done investment under 80c/80cc, my taxable income reduces to rs.160000/- and as i have a tax saving fixed deposit of previous year and other fds, my accrued interest income would be around rs.15000/- (including the interest earned on previous year's tax saving fixed deposit), now tds to be deducted @ 10% on rs.15000/- interest income, so now tell me that what should i have to do in this situation to save tax on interest income?????

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