The interest earned from a bank FD is taxable as per the tax bracket you fall under…
I have two bank fixed deposits of Rs 1 lakh each. Will there be any tax liability on the returns I earn from them?
-Rajiv
The interest earned from a bank fixed deposit is taxable; it is added to your taxable income. The bank will deduct TDS, but if you don’t fall under a taxable income bracket, you will have to give the bank a declaration of the same.
This article was originally published on March 23, 2012.
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