FD interest , TDS and ITR calculation

There is a FD interest threshold and I think currently it is 40000 for non-senior citizen and probably from next year this is going to change.

 

Now let's say interest is 50000.  As part of this we will show this amount as income from other source and FD interest. 

In this case when this amount place in ITR , it count this total amount as taxable. I may be wrong in my understanding.

if we count for 10% slab

50000 = 5000 TDS deduct 

Or

50000 - 40000 ( Threshold) = 10000 = 1000 TDS deduct.

We can not just put 10000 as income from other source because it may create mismatch with 26AS and AIS.

What is exact rule for this ? 

 

Replies (2)
Quick Summary
This discussion clarifies the rules around Fixed Deposit (FD) interest, Tax Deducted at Source (TDS), and Income Tax Return (ITR) calculations. It explains that the £40,000 threshold for non-senior citizens relates to TDS deduction, not tax exemption. The full FD interest amount is taxable, and any TDS deducted can be claimed as a credit against your total tax liability.

"There is a FD interest threshold and I think currently it is 40000 for non-senior citizen and probably from next year this is going to change."

This is for TDS deduction and not exempted from tax liability.

Total income of Rs. 50K will be taxed at slab rate, against which you can claim TDS of Rs. 10K.

 

F d interest calculation.

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