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Shubham Sharma
Hello, my financial income is zero. And there is fixed deposit in my account that is going to mature soon do i need to pay tax on the interest that i am going to receive on fixed deposit.
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No, assuming the interest income is below exemption limit
ShubhamSharma 18 Sep 2022What is the exemption limit ?
CA Ganesh Kakani 6 Oct 2022Please contact CA Ganesh Kakani +91-9420683637
T&C applyS
Shubham Sharma
Hello, my financial income is zero. And there is fixed deposit in my account that is going to mature soon do i need to pay tax on the interest that i am going to receive on fixed deposit.
S
Shubham Sharma
Hello, my financial income is zero. And there is fixed deposit in my account that is going to mature soon do i need to pay tax on the interest that i am going to receive on fixed deposit.
V
Vk
If we deposited total 10 lakh rs throughout 1 year in a current bank account & again deposited 8 lakh rs throughout 2nd year, do i need to pay tax of 1st year account balance with 2nd year account balance ?
Tax is always payable on Income and not on the deposits. However please not if you are not filin ITR & deposited high value amount in the account then IT department may ask your source of income & if they are not satisfied with your reply the amount will be treated as your income & will be taxed alongwith Interest & penalty.
For further consultation you can approach us at ca.rahuldwivedi@gmail.com or 9004485377.
S
Shubham Sharma
Hello, my financial income is zero. And there is fixed deposit in my account that is going to mature soon do i need to pay tax on the interest that i am going to receive on fixed deposit.
