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

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....ncome tax on interest earned on fixed deposit for retired individual less than 50 years<br> Query (Issue) Started By: - sam taxsaver Dated:- 1-5-2016 Last Reply Date:- 5-5-2016 Income Tax<br>Got 4 Replies<br>Income Tax<br>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 ....

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....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) Reply By Ganeshan Kalyani: The Reply: Sir the Income tax slab for individual upto age 60 is as follows: Income upto 2.5 lacs is exempt 2.5 lacs to 5 lacs 10% tax 5 lacs to 10 lacs 20% 10 lacs and abo....

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....ve 30%. Now you can judge under which slab you are covered for taxation. Thanks. Reply By sam taxsaver: The Reply: Thanks Ganeshan for your reply. Is interest earned on fixed income deposit is considered as Income ? I do not have any source of income except interest earned on Fixed deposit. Could you please advise? Reply By Ganeshan Kalyani: The Reply: Yes interest received from FD is also....

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.... income and subject to income tax. Thanks. Reply By sam taxsaver: The Reply: Thanks for your reply. So, if someone is earning 7 lacs, that means, 2.5 lacs - 0 percent tax 2.5 lacs - 10 percent tax 2 lacs - 20 percent tax and the person need to pay, 65,000.00 tax. is that right ?<br> Discussion Forum - Knowledge Sharing ....