please tell about income tax on fixed deposit?

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  1. deepti123

    deepti123 New Member

    I want to deposit 300000 rupees in my bank account in a financial year and already have 300000 in bank account and want to fix the total amount of rupees 600000 for per month interest scheme for that can you please tell me my total liability for income tax and the interest rate for fixed deposit will be 8.75%...waiting for reply asap??
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    Interest earned @ 8.75% of 6,00,000 = 52500

    Tax on this amount would be levied as per the income tax slab rates applicable on you. For latest income tax slab rates, kindly refer: http://www.charteredclub.com/income-tax-slabs/
     
  3. deepti123

    deepti123 New Member

    So can u telll me what will be the taxable amount of rs. 6 lacs interest. Earned on fixed deposit?
     
  4. gaurav_kumar

    gaurav_kumar Well-Known Member

    Tax would be levied on Rs. 52500 as per the income tax slab rates.
     
  5. deepti123

    deepti123 New Member

    I got a income tax notice dome days back consisting of CIB 400 and TDS94 A so what to do for that and the total interest on my fixed deposit of 5 lacs accruing to me in financial year was only 35000 and the bank dedeucted tds also but again I got the notice from income tax department for non filling of itr and CIB 400 AND TDS 94 A.
     
  6. gaurav_kumar

    gaurav_kumar Well-Known Member

    TDS on Interest is deducted only @ 10% and you have to pay the balance tax yourself.

    Moreover, you are also required to file income tax return in this case which it seems that you didnt file
     
  7. deepti123

    deepti123 New Member

    What will be the actual balance tax after tds deduction on 6 lacs fd?
     
  8. Manoj Mehra

    Manoj Mehra Active Member

    To compute the exact tax payable after deduction of TDS, you would be required to compute your total income from other sources as well and then tax would be levied on the total combined income.
     
  9. deepti123

    deepti123 New Member

    Do total income includes principal amount also on which we are receiving interest like for e.g 6 lacs rupees will be accountable for income tax or its itnerest will be accountable?
     
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