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.
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.
| 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.
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