Hi,
My mom who is a pensioner has 2 FD's with the same branch of a bank. Both these FD's yield over INR 10,000 as interest per annum separately. No TDS was deducted as she has submitted Form 15H. Will this income be taxable as the interest amount earned is over 10k?
Thanks in advance.
Regards,
Harish J
Dear Member, you have not specified F.Y. for the income, let's assume that F.Y. 2010-2011. Bank interest will be considered under income from the other income, it is chargeble to the tax, but if your mom's income is not more than Rs.1.90 Lacs during the F.Y. 2010-11 then it will be considered as exempt income.
Dear Pragnesh,
It is for F.Y 2010-11 only. If we consider her pension income alone it is below 1.9 Lacs. But if I include the F.D interest along with pension income, it crosses 1.9 Lacs.
Thanks,
Harish J
if it crosses 1.90 lakh than return is to be filed
Pay self assessment tax, if any allowable deduction is not available.
Thanks for your input guys. I forgot to take allowable deductions into consideration. With allowable deductions under 80C the income comes below 1.90 Lacs. I am saved :)
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