Tax on fd interest

Rupesh (Querist) 07 April 2014 This query is : Resolved
Hi,

My mother is housewife and has no any other income source except interest on FD of 20 lakhs in a bank at 9% p.a. pls let me know is my mother liable to pay income tax on this interest income?

Thanks.

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Kumar Doab (Expert) 07 April 2014
Submit 15G/H whichever is applicable under proper acknowledgment to the bank otherwise bank shall deduct TDS if income from interest from all a/c's clubbed in bank is >Rs10000/pa.

The Tax slab of resident women of different age groups can be viewed at:

http://incometaxindia.gov.in/Archive/TaxwithDirectTaxEng_13022013.pdf

For woman<60 Y of age and income up to Rs.190000/pa it is NIL.

The banks have system support to calculate interest for the period you desire.

Apparently she may not have to. However let your income tax lawyer advise you finally.