Dear Niki, then start thinking on your future goals, aims, dreams and link your investment with these. Then check on your own, what should be your investment planning to get these goals? Should I say more?

Yes. I think please suggest me ways. I think I need to discuss this with someone who can guide me.
My parents dont want me to put my money into share market. I come in 10% tax bracket.

As per my knowledge If the interest earned under FD exceeds Rs. 10,000 in a financial year, it would be eligible for tax deduction at source (TDS) at 10 per cent plus 3 per cent education cess, therefore a total 10.3 per cent of the interest earned.

For example, if an investor has earned Rs. 20,000 as interest in one year, the bank would deduct Rs. 2,000 and pay only Rs. 18,000 as the amount that exceeds the limit of Rs. 10,000.

Seems you have put 2.4 L in the fd at 8.5%. It really depends on the tax bracket you fall in. Only 10k is exempted on the earnings. If you fall in 20 or 30% tax bracket then more tax you have to pay.

Fixed deposits will not give you more returns if you calculate onthe basis of inflation. On paper its 8.5 but in reality it would be around 6.

If the money parked is for short term than considr investing in short term debts or fmps which are a safe bet.

Dear Niki, please take help of a fee only financial planner for a detailed help.

Thanks

Ashal

Dear Niki, then start thinking on your future goals, aims, dreams and link your investment with these. Then check on your own, what should be your investment planning to get these goals? Should I say more?

Thanks

Ashal

Yes. I think please suggest me ways. I think I need to discuss this with someone who can guide me.

My parents dont want me to put my money into share market. I come in 10% tax bracket.

Dear Niki, you mean to say you are opening multiple FDs each month with out any thought for your future, goals, dreams?

Thanks

Ashal

yes.. it is

It depends on the investors income if the taxable income is more than 2 L then yes tds is applicable even if the interest earned is less than 10k

As per my knowledge If the interest earned under FD exceeds Rs. 10,000 in a financial year, it would be eligible for tax deduction at source (TDS) at 10 per cent plus 3 per cent education cess, therefore a total 10.3 per cent of the interest earned.

For example, if an investor has earned Rs. 20,000 as interest in one year, the bank would deduct Rs. 2,000 and pay only Rs. 18,000 as the amount that exceeds the limit of Rs. 10,000.

Dear Manikambh,

Suppose the interest earned on FD is Rs.5k (<10 k), TDS will not be there…. should I pay tax on this amount ??

Regards,

Hemanth.

Seems you have put 2.4 L in the fd at 8.5%. It really depends on the tax bracket you fall in. Only 10k is exempted on the earnings. If you fall in 20 or 30% tax bracket then more tax you have to pay.

Fixed deposits will not give you more returns if you calculate onthe basis of inflation. On paper its 8.5 but in reality it would be around 6.

If the money parked is for short term than considr investing in short term debts or fmps which are a safe bet.

Dear Manikambh,

‘Only 10k is exempted on the earnings’ ….. What do you mean by this….. So u mean Interest earned on FDs upto 10k is tax exempted ??