How to pay Advance Tax on FD Interest?

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  1. sakhi

    sakhi New Member

    Hi,
    I want to pay advance tax on FD interest. Do I have to separately calculate interest/surcharge etc or can I just pay a lump sum.

    Sakhi
     
    Abhijit Guha likes this.
  2. Manoj Mehra

    Manoj Mehra Active Member

    Yes, you can pay lump sum
     
  3. sakhi

    sakhi New Member

    thanks for your reply
     
  4. ileana

    ileana New Member

    Paying advance tax on the interest earned on a fixed deposit will only apply when the interest earned is in excess of Rs 10,000 in a financial year and then too only if you are liable to pay taxes or have failed to provide the banks with forms 15G & 15H to show that you are not eligible to pay tax. Having said that, if you are going to earn up to Rs 50,000 in interest from your FD, you can pay the tax only when it comes due, however if your earning are projected to be more than Rs 50,000 then you have to pay advance tax after calculating the due amount.

    I have gone through the one website which is really informative so mentioning the website also.
    https://www.bankbazaar.com/fixed-deposit/tax-on-fd-interest.html
     
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