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Query: What is tax on Bank FD interest

Category: Investments

Answer: Bank FD interest are taxable at the rate applicable at the normal income tax slabs as per their total income including interest income. Following are the exemptions available for interest on Bank : 1. There is a exemption upto 10000 on saving bank interest for individuals & HUF other than senior citizen. 2. Senior citizens can avail exemption upto 50000 for any interest including saving bank, FD, post office deposits etc.

Date Posted 13-Dec-2019
Posted By Kumar Prakash
Views: 459

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