1. in case one has withdrawn the amt of FD before due date and does not receive any interest thereon, is there any tax treatment...
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Premature withdrawal of fd
Replies (7)
Please give some data to your query.
Fd of Rs50000 in PY
Withdrawn in CY and received Rs. 50000 only
Tax is calc on intrest for FD. If no intrest then no tax.
In case of premture of you received partial interest & if interest is less than Rs.10000.00 the tax.
no tax in this case
no tax when no interest income as in this case
If at the time of Investigating amount in Fixed Deposit Account if u claim u r investment amount as a benefit u/s 80C at the time of computation of u r taxable Income and withdrawal it before completation of 5 years, counted from the year on which the investment was made., then Rs.50000.00 will be added back with your total income under 'Income from Other Sources' in the year of withdrawl and taxed as per normal slab rate as applies in respective A.Y.
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