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Query: How much amount of FD interest is tax free

Category: Investments

Answer: FD interest are tax free upto Rs. 50000 only for Individuals who are senior citions or super senior citizens, for others FD interest are taxable if their income is above taxable limits of 250000 as per their slab of income tax applicability. However u/s 80 TTA of income tax Act, interest on saving bank is exempt upto Rs. 10000 for all Individuals & HUF below the age of 60 years, & u/s 80TTA of income tax Act ,for senior citizen this exemption is upto Rs.50000 including all kind of interest like saving bank interest, Bank FDs or post office deposit/ FD. Also there are limits of TDS on FD which is 40000 (for senior citizens 50000) per bank per person in a financial year, but this limit is only for TDS deduction, it does not affect your final tax liability as per above rules.

Date Posted 13-Dec-2019
Posted By Kumar Prakash
Views: 416

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