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Fixed deposit interest
if a farmer who is a senior citizen has fixed deposit of 13 lacs and has not filed income tax return...and got letter from income tax department regarding this matter then what is the next procedure?
Replies (10)
There is no provision in income tax like former or business for taxation of interest earned on Fixed Deposit. Hence its better to file the return.
then why that person got the letter from income tax department for interest earned on FIxed deposit...is that person not liable for TDs?
interest earned on FD is taxable as per IT.
@ 10%? so that person has to pay tax..
So please compute net taxable income , if he is liable pay tax tel them to apy tax and sumbit the compliance through online.
so can he claim exemption by filling form 15G/H!!
no, tax payle as per general slab rate.
oky...but if his net taxable income falls below taxable slab...then he can claim exemption naa..?
But compliance for the notice is required.
intt on fd would have been subject to tds... but since no return was filed on that pan and that no claim of tds was made, hence the person would have received notice from dept. requiring him to furnish particulars of his income... now the person is reqd to reply to such notice declaring all true facts as reqd in such notice...
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