Fixed Deposit Interest

Tax Glossary Definition

Fixed Deposit Interest

It refers to the income earned from time deposits held with banks or companies. This interest is taxable under the head “Income from Other Sources.”

Example: If you earn ₹1 lakh as interest from fixed deposits in a year, tax is deducted at source (TDS) at 10% when the interest exceeds ₹40,000 for regular taxpayers or ₹50,000 for senior citizens.

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