How is fd interest taxed
If your preference for opening an FD Account is to claim tax deductions, then here's how you can save on FD interest income. The interest income you earn from an FD is fully taxable. The interest earnings form a part of your total tax liability. You must also know that when you earn interest on an FD in a year, it is essentially clubbed with your annual income. Based on the total income, your tax slab is determined. When your bank credits your interest income into your account, the TDS gets deducted right at that time.
Let's get to know some pointers related to tax on FD:. Mr Anand has three FD Accounts with three different lenders.
Bank A fetches interest earning of Rs 50, per annum, while Bank B helps him earn Rs 30, per annum and Bank C gives him an interest of Rs 20, per annum. The tax department doesn't consider your total interest earnings from all the banks. Just like elders are offered special interest rates on FDs; similarly, tax deductions are different for them. You are now subscribed to our newsletters.
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