Income tax on interest earned on fixed deposit for retired individual less than 50 years

[Asked by Guest]

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)

AI Summary

Interest on fixed deposits is taxable as income and is assessed under standard individual tax slab rates.
Interest earned from fixed deposits is taxable and must be included in total income; for individuals below sixty the income is assessed under tiered tax slabs with successive portions taxed at progressively higher specified rates, and the example applies those slab rates to compute the aggregate tax liability for a retiree with no other income.