sir, My uncle is senior citizen and doesn't work. If he does fixed deposit of 2 lakh for 1 year will it be taxable?
1 Answers
Bank would deduct TDS @ 10% on interest if Form-15H is not provided to them. In such case your uncle would need to file income tax return to get his taxes back as refund.
If bank interest is the only income for your uncle and interest earned during financial year is less than 2.5 lakh, there would not be any tax payable.
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