Hi guys,
query1:I am confused abt tds calculation for fixed deposit.For example if i am investing 1 lakh in tax saving fixed deposit at 9% interest then i get around 10,000 as interest for each year.At the end of the 5 yr i get around 56000.my query is tds is done on this total amount(56000) or tds is done on the interest accrued every year(around 10,000)?
query2:suppose i am getting 11,000 interest amount from tax saving fixed deposit in a year,then do i need to declare this interest income in it return or i can ignore this interest income since it is from a tax saving deposit.
query3:people are saying interest from ppf is non-taxable.What does it mean?There is no tds only or both tds and tax on interest income are not levied for ppf