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Fixed Deposit

Tax Only When Interest Credited to Fixed Deposits: CBDT

Now no Income tax at your source will be deducted with a condition that the banks will have to make provisions for interest on fixed deposits and not paid to the depositors actually. This was clarified by the Finance Minister on 7th march. A fixed deposit is meant for those investors who want to deposit a lump sum of money for a fixed period (for a minimum period of 15 days to five years and .....

Tax Saver Fixed Deposit (FD): Tax Benefits

Tax Saver Fixed Deposit, Tax benefits first introduced in Budget 2006, have a tenure of five years with no premature withdrawals. So tax deduction u/s 80C is only allowable, if FD have a tenure of 5 years. The amount invested will be locked up to five years, this is the main condition. In march, at the end of the financial year, ‘tax investments’ in tax-saving schemes to avail more tax benefits on rise. Let’s discuss .....

How to Avoid Tax Deduction at Source (TDS) on Bank Fixed Deposit?

Most of the people are distress from the process to get an income tax refund from the income tax department. You all know when we open a fixed deposit account in the bank, the TDS will be deducted from interest paid on your fixed deposit. In this article, I will tell you, how to prevent TDS from your interest income in some conditions. Otherwise It will be mandatory for banks to deduct TDS. TDS Procedure on Fixed Deposit. If .....

All About of Form 15G and Form 15H

Form 15G and Form 15H are used for averting the TDS deduction on interest earned during the financial year on fixed deposits in Banks. There are lots of hesitations in the minds of my subscribers about these forms. They usually enquire about these questions i.e. What is Form 15G and form 15H, How one can submit these forms, How to fill these forms, What is purpose to use these forms ?. In this article i will try .....

Latest Bank Fixed Deposit Rates – FD Rates

Government of India has designated certain schemes as eligible for tax savings under Sec 80c of the IT Act. Amounts upto Rs. 1 lakh per year are deductible from taxable amounts under this provision. Schemes eligible under this provision include certain Post Office schemes, tax savings bank fixed deposits (which have to be of at least 5 years duration) as well as Equity Linked Savings Schemes (ELSS) which are equity based mutual funds requiring a .....