Tax on fd interest
Rupesh
(Querist) 07 April 2014
This query is : Resolved
Hi,
My mother is housewife and has no any other income source except interest on FD of 20 lakhs in a bank at 9% p.a. pls let me know is my mother liable to pay income tax on this interest income?
Thanks.
R.V.RAO
(Expert) 08 April 2014
rupeshji.this query was answered by LCI .the only diff.is the FD amount was Rs 90 lacs then, and now Rs 20 lacs.
the answer is same.
income tax @10 % will be deducted on the annual interest of Rs 1.8 lacs, provided your mother does not give form 15 G/15H, TO THE BANK.
form 15H is submitted by senior citizens ,seeking non deduction of income tax at source .
if your mother is senior citizen, then also she can escape tax by submitting form 15 H,but her annual interest from bank deposit is equal to or less than Rs2.5 lacs P.A.
R.V.RAO
(Expert) 08 April 2014
add to the last para of my above reply the following words "...and she has no other source of income."
Suhail A.Siddiqui
(Expert) 08 April 2014
Mr. Rupesh
In you case your mother does not have income other then interest and it is blow taxable , she should file for 15H purpose not to deduct TAX. In case her income is taxable do not file 15 H and file Income Tax Return. The TDS shall be adjusted against the Tax liability.
T. Kalaiselvan, Advocate
(Expert) 09 April 2014
I agree with Mr. Rao's opinions and suggestion in this matter. Form 15H containing full details can be submitted for avoiding TDS.
R.V.RAO
(Expert) 09 April 2014
thanks. sri kalaiselvan ji.
Rajendra K Goyal
(Expert) 10 April 2014
Well advised by the experts, agree to it.
