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POSTED BY ON April 26, 2013 4:19 pm COMMENTS (3)
Hello,
Have a query on FDs.
As my parents are retired, they received lump sum amount of Rs 20L.
(Both dont come under tax slabs)
Now they wish to invest in FDs (banks) since its a safest option available in the market.
But are concerned about the taxes involving the FDs interest.
Till now they were submitting 15G forms for avoiding TDS. Now they need to fill up 15H form.
But have some doubts regarding the interest earned through FDs like –
1. Suppose, yearly if my mother / father earns interest more than Rs 2,00,000/- through FDs, will she be taxable ? (inspite of submitting Form 15H)
2. Suppose, they invest Rs 10L amount in Bank A and another Rs. 10L in Bank B. Then would they still be taxed on interest earned of Rs 2,00,000/- ?
Regards,
Varsha
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This is a decent article with new forms
http://moneyexcel.com/3833/download-new-15g-15-h-forms
Dear Varsha, a small correction in the reply given to you by dear Pattu. As you said the form 15H is to be filled, I assume both, father & mother are Sr. Citizen, hence the taxable income ‘ll be 2.5L Rs. each. Now from 20L Rs. basic money, I’m not sure, how ‘ll they earn more than 2.5L Rs. for each to make it taxable income.
Please provide more info on the income part.
thanks
Ashal
1. YES. In fact form 15H should not be submitted if ones income is taxable
2. 1 bank or 10 banks. FD interest is taxable as per tax slabs.
NO TDS does not mean no TAX. If a person falls in 10% slab then best to let the bank deduct it.