An individual who is neither employed, nor a pensioner/business man earns income just from his savings/fixed deposit. What are the deductions availale for him for income tax? Does he need to pay tax every quarter or enough to pay once an year before end of the financial year?
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Deductions on income of non salaried, non business persons
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for saving bank interest us 80TTA 10000 deduction is available and also deduction us 80C are available.
Those who have tax liability of more than Rs 10000 are liable to pay advance tax
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