Hi All, Could anyone please advise the income tax percentage which is applicable for an individual who is not having any salaried income or any other source of income except the interest on the fixed deposit.
Person age is : 40
Fixed deposit amount : less than 1 crore rupees
Employment status : Retired
Property owned : Yes (but no income is earned from the property)
Retired Individual Under 50 Queries Tax on Fixed Deposit Interest; 7 Lakh Income Incurs 65,000 Tax A retired individual under 50 inquires about the income tax on interest earned from a fixed deposit, with no other income sources. The fixed deposit is under one crore rupees, and the individual owns property but earns no income from it. A respondent explains the applicable tax slabs for those under 60: no tax on income up to 2.5 lakhs, 10% on 2.5 to 5 lakhs, 20% on 5 to 10 lakhs, and 30% above 10 lakhs. Interest from fixed deposits is considered taxable income. The individual calculates a tax of 65,000 on a 7 lakh income. (AI Summary)
TaxTMI 
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