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Tax on fd int.
is there any penalty on paying tax on fd interest of f.y 2021-22 at the time of filling of I.T return on 31st july?
Replies (9)
Quick Summary
There can be interest under section 234B or 234C.No other penalty
Yes, if your estimated tax liability from FD income is more than Rs. 10,000 for AY 2022-23 then you are liable to pay advance tax. Interest u/s 234B/C will pay for late payment of taxes at the time of return filing.
Interest would be leviable in this case.
Generally tax is not applicable on fd interest if there is sufficient cushion.
The interest on delay or differment of advance tax can be based on the total income and tax liability.
Aren't the FD wallahs supposed to deduct TDS anyway?
Besides there's no separate category for interest when it comes to advance tax. So all income (other than capital gains) needs to be included when calculating. And they will ask for interest if not done.
Can you confirm the age of tax payer ?
Since 80TTB gives deduction for FD interest also for senior citizens
Since 80TTB gives deduction for FD interest also for senior citizens
| Originally posted by : sabyasachi mukherjee | ||
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Generally tax is not applicable on fd interest if there is sufficient cushion. |  |
That makes no sense.
Estimate your total income pay tax at the earliest
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