Tax on Interest Income earned by Senior Citizen

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  1. V.RAMANUJACHARY

    V.RAMANUJACHARY New Member

    Sir

    I am a retired PSU employee and a Senior Citizen and retired on 31.01.2016. All my salary income is fully tax deducted by my employer. For Feb. and March 2016 I have a interest income under Sr.Citizen Savings Scheme, Post office fixed deposit and interest on Term deposits in Public Sector Banks. Whether I can declare interest income on the above and pay only 10% tax since my tax income as I do not have any other income except the above.
     
  2. V.RAMANUJACHARY

    V.RAMANUJACHARY New Member

     
  3. Sudipto123

    Sudipto123 New Member

    Tax would be levied as per the income tax slab rates. It may be Nil as well or 10%/20%/30% as well.

    It all depends on the total income earned by you during the year.

    Kindly refer: http://www.charteredclub.com/income-tax-slabs/
     
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