Keep this thing in mind if you are going to get FD
If you are also going to get FD (Fixed Deposite) or if you are getting interest on fixed deposits, then it is important news for you or else you can get income tax notice.
Nowadays there is a misconception in the mind of the people that if you invest in FD in the name of your minor child or non-working spouse, then you will not have to pay tax on the receipt. Let me tell you that, if you get FD in their name, then the interest earned will be counted as your income and will also be taxed.
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Income is taxableWhile filling your income tax form, you have to give information about the interest received from FD and income from bank savings. The interest from FD is fully taxable. You have to add this interest income to your total income and then your total income will be taxed according to the eligible slab rates.
Information has to be given in the column
While filling the income tax return, there is a column where you have to tell about the income from FD. Taxes on FDs are deducted by the bank when they credit the interest in your account.
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Notes can come from the tax department
If you do not show the interest, then it will be a tax credit statement in the 26AS statement. With this, this match will not be eaten by the returns filled by you, due to which you can get a notice from the Income Tax Department.