Is Interest on Fixed Deposit exempted from Income Tax?

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  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.
    Thanks
     
    Swamsankaran, Mar 2, 2015
    #1
  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
     
    Sahil Oberoi, Mar 2, 2015
    #2
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