Tax Exemption for Interest on Fixed Deposit

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  1. rexy varghese

    rexy varghese New Member

    what is the maximum interest income on fdr with banks which qualify for tax exemption?
  2. Aditi Gulati

    Aditi Gulati Active Member

    There is no tax exemption on the amount of interest earned on Fixed Deposit. The total interest earned would be liable to tax as per the income tax return.

    A deduction of Rs. 10,000 is allowed for the interest earned on Savings account but not on Fixed Deposit.
    ucm likes this.
  3. i agree with Aditi
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