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what is the tax rate for interest income.
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.
Replies (4)
TDS will be deducted @ 10% under section 194 A of the income tax act 1961 , Threshold limit is 5000/- for other than banking company .
Yes, in addition to above; the interest income will be added to his other incomes and will be taxed at slab rate.
it will be taxable according to slab rates
Yes... Ofcourse i agree
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