if a individual invest Rs 5 crore FD by interest payout monthly option.by ROI 5.5% he recieves Rs 2,28,000 interest monthly, if he does not have any other income source is his interest income taxable and under which rate ? also what is the Form 15 G/H provision for this case ?
pls give detail answer.
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Taxation on FD interest
Replies (5)
Quick Summary
Yes his income is taxable and it will be shown as income from other sources and tds will be deductible u/s 194A
In case if you don't give form 15G/H then tds will be deducted with PAN.
In case if you don't furnish Pan then tds will be deducted @ 20%
In case if you don't give form 15G/H then tds will be deducted with PAN.
In case if you don't furnish Pan then tds will be deducted @ 20%
Ok thanks for your reply.
Ur welcome
Considering your interest income above 250000/- or 300000/- you won't be eligible to file Form 15G or 15H respectively.
Interest income from Fixed Deposits is fully taxable. Add it to your total income and get taxed at slab rates applicable to your total income. You can see it under the head 'Income from Other Sources' in your Income Tax Return.
Form 15G is a declaration that can be filled out by bank fixed deposit holders (individuals less than 60 years of age and HUF) to ensure that no TDS (tax deduction at source) is deducted from their interest income for the fiscal
Form 15G is a declaration that can be filled out by bank fixed deposit holders (individuals less than 60 years of age and HUF) to ensure that no TDS (tax deduction at source) is deducted from their interest income for the fiscal
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