If the total interest earned by a person from fixed deposits(FD) in banks is 1 lakh in current financial year and he has no other income, should he pay tax on it? If no, should he submit any declarations except PAN No. in bank?
I've read some where that if the interest on FD is above 10,000 in a financial year, its taxable. The PAN No. has been given in all banks while opening FD. Please help.