Legal Question in Banking Law in India

Re: Banking Tax

The amount of FDR is not relevant.

It is your total income which is to be seen for income-tax purposes.

There are exemptions from payment of tax also which depend upon our total income.

there are ready reckoners available in book shops giving tables of income-tax exemptions and taxes payable.

Re: Banking Tax

If the annual interest on the F.D. crosses Rs.10,000/- bank will deduct tax Unless you file Form 15 H or other form under the Income tax Act in duplicate with the Bank, depending upon whether you are a senior citizen who does not have an income in execess of which tax is leviable under the Income-tax Act or your income is below the taxable limit under that Act.

Re: Banking Tax

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Re: Banking Tax

Yes the interest on your FD will be liable for tax deduction.