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How can i save my income tax on FD
my FD AMOUNT IS 500000.00
In Fixed Deposits  -  Asked by TAPASH SAHA -  3 years ago

Best Answer:
Banks have tax saving fixed deposit scheme. FDs have a lock-in period of 5 years. You can not withdraw the amount for 5 years. These FDs can not be pledged for any reason for these 5 years. Also, no overdraft facility is available for these tax saver fixed deposits. These tax saving FD can not be linked to a savings account. They can not have a sweep-in (or auto sweep) facility, where surplus money from a savings account is automatically transferred to an FD account (or is saved as an FD). To know more about fixed deposits visit rupeetimes.com.
3 years ago - By Mitu

Other Answers (3)
show:
Answer 1.
You can give your Bank the copy of PAN Card and Form 15 G or 15 H duly filled and signed not to deduct tax at source if your annual income is less than the taxable income. Otherwise 20% tax on interest amount will be deducted at source.

You can get the refund in your Annual Income Tax Return
accordingly.

Income Tax can be saved by investing in tax saving instruments approved by the Govt. to a certain limit.
3 years ago - By John
Answer 2.
I prefer FD for investment with public sector bank. It gives you high return and money is also safe.
3 years ago - By Ronak
Answer 3.
FD is the best option of investment. You can divide the amount in small portion and save in different banks to save tax. The tax limit on FD interest is Rs 10000. If interest exceed this bank will deduct tax.
3 years ago - By Lovely
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