Chirag Trivedi (B.Com) (60 Points)
02 January 2014Hello,
If suppose Senior citizen has kept 1 crore as fixed deposit with bank.The bank would have an eye on that particular customer as the 1 crore is not the small amount and after getting interest he/she will add that interest into 1 crore and will also increase the FD amount.
What are the benefits they will get or will be taxable under Income tax act?
Regards,
Chirag
Mihir
(Wealth Manager)
(5293 Points)
Replied 02 January 2014
Interest earned on FD shall be assessed under income from other sources. TDS at 10% shall be deducted from interest. It will come under 20% tax bracket. Investment u/s 80C can be availed to reduce tax.
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