Interest on FD is taxable for a person of 58 years age ? Or the same is taxfree under any of the section.
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Interest on Fixed Depost
Replies (5)
Quick Summary
Yes, it is fully taxable for person below 60 years of age
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
As per section 194A of the I T act , up to 40000/- interest on FD no TDS , age below 60 years .
It is fully Taxable
If age is above 60 years what is limit of tds deduction
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