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Tax matter

Others 490 views 1 replies

I have some query regarding taxation:

1.) Why does the interest income on savings bank and Recurring Deposit have to be individually filed whereas for Fixed Deposit tax is deducted at source?

2.)  Suppose a  person comes under non taxable category and now due to circumstances like husband/wifes death, recieves a lumpsum payment of 10 lacks or more into there account in insurance claim settlement will he/she become taxable based on the lumpsum amount recieved for that financial year?

 

If anyone can throw light in this matter it will be highly appreciated

Replies (1)

Insurance amount received on death of a person is exempt from tax.


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