Income tax on the interest earned on Fixed deposit
Asked by: vij
i had deposited Rs 1 lakh in a FD account 5 years ago and now maturity value is 1.51 Lakh after deducting 10% TDS. So, the interest earned is Rs 51000. Lets say my annual income is 12 lakh.
My question is, will i have to pay 30% tax on the interest amount of Rs 51000/ also ? As i mentioned TDS is already deducted.
Thanks in advance for your response.