Is Interest on Fixed Deposit exempted from Income Tax?

Share This Thread
  1. Swamsankaran

    Swamsankaran New Member

    Please clarify if the above statement is valid since I seem to recollect a note that FDs with a tecure exceeding 5 yrs nnd above are exempt from IT, wrt senior citizens.
  2. Sahil Oberoi

    Sahil Oberoi Member

    Interest on FD is not exempted from levy of Income Tax.

    Income Tax would be levied as per the Income Tax Slab Rates.

    However, in case the tenure of the FD is 5 years or more - you can claim the amount invested as a deduction under Section 80C
Draft saved Draft deleted
Similar Threads Forum Date
Interest Earned on Fixed Deposit by Major Daughter on Income denoted by Father Income Tax Nov 3, 2017
tax on interest on NRE fixed deposit Income Tax May 31, 2017
tax liability on interest in NRE fixed deposits, after the depositor become resident Income Tax Mar 31, 2017
TDS on Interest on 5 year Fixed Deposit Income Tax Aug 8, 2016
income tax on interest of fixed deposit Income Tax Jul 23, 2016