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Interest on Fixed Depost

Anil Doshi (GM) (146 Points)

08 August 2021  

Interest on FD is taxable for a person of 58 years age ? Or the same is taxfree under any of the section.

 

 


 5 Replies

Ankita Jain (CA in practice) (175 Points)
Replied 08 August 2021

Yes, it is fully taxable for person below 60 years of age

Akshay Agaldiviti (-----) (40 Points)
Replied 08 August 2021

Yes fully taxable,

No specific deduction available under chapter VIA to persons below 60 years of age.(80TTB is only to senior citizens)

note: banks deduct TDS on FD interest under sec194A, hence check form26AS and avail TDS credit

 

Akshay Agaldiviti
akshay.agaldiviti @ gmail.com

prasad Nilugal (3859 Points)
Replied 08 August 2021

As per section 194A of the I T act , up to 40000/- interest on FD no TDS , age below 60 years .

Sourav (Student) (23865 Points)
Replied 08 August 2021

It is fully Taxable

Veresham Bejugam (31 Points)
Replied 09 August 2021

If age is above 60 years what is limit of tds deduction

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