what is the tax rate for interest income.

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2 Points Posted on 09 March 2019
Sir, My friend invested Rs.10 lakh in a private construction co. receiving Rs.210000. interest per annum. what is the tax liability for him. please advice.
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On 09 March 2019 at 12:58 Report
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GST Practitioner & Accounts
15146 Points Posted on 09 March 2019

TDS  will be deducted  @ 10%  under   section 194 A  of the income tax act  1961  , Threshold  limit  is 5000/-  for other than banking  company . 

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On 09 March 2019 at 13:10
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student
288 Points Posted on 09 March 2019

Yes, in  addition to above; the interest income will be added to his other incomes and will be taxed at slab rate.

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On 09 March 2019 at 13:19
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CA FINAL ASPIRANT
3115 Points Posted on 10 March 2019
it will be taxable according to slab rates
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On 10 March 2019 at 00:53
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Ceo
3869 Points Posted on 10 March 2019
Yes... Ofcourse i agree
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On 10 March 2019 at 14:55

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