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is the interest earned on FD taxable?
Asked by srikanth -
7 years ago
In case of FD, the interest is charged at 10.3% on the interest earned only if the interest is more than Rs 10,000 in one year.
This interest is deducted at source ( TDS ). ie. tax on interest is deducted and the balance is given back as maturity amount. But if the interest earned per year is less than Rs 10,000 on the fixed deposit, then no interest is charged.
The only account where interest is not taxable is PPF or EPF or GPF.
7 years ago - By Asheesh Joshi