Home > Money > Question

Sign In | Create an account

Language:

Now in हिन्दी too

Need Expert Advice?Our Gurus Can Help

Should I worry about my fixed deposit taxes with a 30 lakh annual income?

Yogendra Arora |34 Answers |Ask -Follow

Tax Expert - Answered on Mar 27, 2025

Yogendra Arora is the founder of Y Arora Associates And Chartered Accountants, a tax consultancy firm based out of Kanpur.
He has over 11 years of experience in auditing and consultancy.
Before starting his own consultancy, Yogendra, a commerce graduate from CSJM University, Kanpur, worked with ICICI Bank and Indusind Bank as credit manager between 2013 and 2018.... more

Asked by Anonymous - Mar 18, 2025Hindi

Listen

Money

Hi My income from my fixed deposit are around 30 lac per annum.. The bank is already deduction 10% straightaway... How much tax do the govt deduct from my fd earning...?

Ans: hi,
as per details Governemt will not deduct any tax from your earnings, bank is deducting the TDS as per rules, next step is to pay balance tax as per calcualtion on tax regime choosen by you i.e. old tax regime with chapter VI benefits or new regime without deductions of chapter VI.
thanks

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

MoneyReply

You may like to see similar questions and answers below

Anil Rego |388 Answers |Ask -Follow

Financial Planner - Answered on Feb 09, 2023

Question by Rakesh - Feb 03, 2023Hindi

Listen

Money

My salary per month is 2 lakhs what will be my income tax deduction

Ans: Your question is not very clear for me to be able to respond. If you are asking about your tax liability, this also depends on various deductions that you use.

T S Khurana |463 Answers |Ask -Follow

Tax Expert - Answered on Mar 24, 2025

Question by Minal - Dec 14, 2024Hindi

Listen

Let us assume Mr A does a fixed deposit of Rs 50,000,00 in year 2022-25. He earns Rs 8,50,000 as interest on it. Now, on maturity of this FD, if Mr A deposits the same 50 lakhs as further FD and the interest amount Rs 7.25 lakhs (after tax deductions) as another FD in his wife's name, on whom will be the income tax liability and how much ?

Ans: 01. Mr.A would be liable for tax payment on Rs.8.50 (L) interest earned on FDR of Rs.50.00 (L) during the period 2022-23, 2023-24 & 2024-25. The Interest shall be declared & tax paid for each year under reference.
02. When Mr.A deposits the amount in FDR in favour of his wife, Interest earned on it shall be clubbed with the Income of her husband u/s 64 if I.T.Act.
Most welcome for any further clarifications. Thanks.

T S Khurana |463 Answers |Ask -Follow

Tax Expert - Answered on Jan 20, 2025

Asked by Anonymous - Dec 24, 2024Hindi

Listen

Money

Sir if my only source of income is intrest from fd that is around 2 lacs per month then how much tax I have to give and my age is 51

Ans: Your question is incomplete without details of :
(a). Tax Savings, if any.
(b). Other Income details including Interest earned from Saving Bank Accounts.
(c). Please also specify financial year under reference.
Most welcome for any further clarifications. Thanks.

Vipul Bhavsar |79 Answers |Ask -Follow

Tax Expert - Answered on Apr 29, 2025

Question by Gvbk - Apr 11, 2025

Money

Income tax : 2025-26 FD 13000000 at 7.5 interest 975000 No other income What would be the income tax?

Ans: For FY 2025-26, for the income mentioned above,
NO Tax Liability under New Regime

Latest Questions

Vipul Bhavsar |79 Answers |Ask -Follow

Tax Expert - Answered on May 15, 2025

Asked by Anonymous - Mar 19, 2025

Money

Dear Experts, I have sold my flat for Rs 73 lacs in Thane, Maharashtra. I would like to know whether I am eligible to pay capital gains? I had bought in 2016. Moreover how do I invest this amount, I am not intending to purchase any new property. So suggest any other way out. Thanks in advance.

Ans: We need folllwing information in order to calculate Capital Gain and tax on it.
1. Purchase agreement of the property sold
2. Details of your income apart from this capital gain transaction

Vipul Bhavsar
Chartered Accountant
www.capitalca.in

Vipul Bhavsar |79 Answers |Ask -Follow

Tax Expert - Answered on May 15, 2025

Question by Tarun - Mar 13, 2025

Money

I am senior citizen having income from FDs and STCG & LTCG fro shares. Am I liable to pay advance tax?

Ans: People aged 60 years or more who do not have income from any business or professional during the financial year are exempt from paying advance tax. Hence, only senior citizens (60 years or more) having business or professional income must pay advance tax

Vipul Bhavsar
Chartered Accountant
www.capitalca.in

Vipul Bhavsar |79 Answers |Ask -Follow

Tax Expert - Answered on May 15, 2025

Asked by Anonymous - Feb 25, 2025

Money

Good evening sir. I am 64, retired and live in Bangalore. I had a apartment in Chennai which we sold recently. I also have executed a will where this flat will be inherited by my NRI daughter. As per my daughter's wishes and since we are finding it difficult to manage the flat remotely, we sold the flat. Now I want to gift a major portion of the sale proceeds to her(1C out of 1.1C). She has an NRO account. If we(me and my wife in equal proportions) transfer the gift to her NRO account, will my daughter be subject to tax? We will execute the completion of form 15ca, 15cb, with copies of sale deed, will, and then transfer the money. Please advise

Ans: First you need to calculate Capital Gain on the flat sold. The Tax if any after claiming exemption from Capital gain needs to be paid

You can gift the amount to your daughter but needs a careful study of all the documents and her profile. Kindly consult a CA in order to have better understanding and execution of transaction.
Vipul Bhavsar
Chartered Accountant
www.capitalca.in

Vipul Bhavsar |79 Answers |Ask -Follow

Tax Expert - Answered on May 15, 2025

Asked by Anonymous - Feb 26, 2025

Money

IS IT RETURN NECESSARY FOR DEMISED PERSON

Ans: If there is income above taxable limit, shares, property being inherited by legal heirs, it is always advisable to file return of income for demised person.
Vipul Bhavsar
Chartered Accountant
www.capitalca.in

Vipul Bhavsar |79 Answers |Ask -Follow

Tax Expert - Answered on May 15, 2025

Question by pratik - May 02, 2025

Money

I am a PG medical student in Maharashtra, I am doing my residency currently with around 86k as stipend. They cut TDS from my stipend, so how do I file for return? Or should I have to file ITR? What is the next step here.

Ans: It is advisable to file Return of income as it shall help you establish your income in the future.

Vipul Bhavsar
Chartered Accountant
www.capitalca.in

Vipul Bhavsar |79 Answers |Ask -Follow

Tax Expert - Answered on May 15, 2025

Question by Jeetendra - Apr 25, 2025

Money

Paying full amount to purchase flat in son name . Me in Government Job , Sons in Private / MNC job . All 3 in India. Pl. tell tax and TDS issues if any

Ans: You can give the amount, kindly execute a gift deed

Vipul Bhavsar
Chartered Accountant
www.capitalca.in

Vipul Bhavsar |79 Answers |Ask -Follow

Tax Expert - Answered on May 15, 2025

Question by Padmanaban - Apr 17, 2025

Money

I want to give Rs 8 lacs as gift to a Friend in tranches during this financial year ending 2026 He doesn't have a regular source of income and has not filed I T return so far . . Apart from this I plan to give Rs 25 Lacs loan jointly to his daughter and him for purchasing a flat I plan to enter into a loan agreement for 20 years and pay the money directly to Seller . Any tax implications for me or him for both these transactions ? Should he file a return and mention the Rs 8 lacs as Gift . Under what heading ? Thanks

Ans: For this case, we need to understand your profile as well.
Following questions are important before giving any advise:
Are you salaried person, are you filing IT Returns regularly, how are you going to pay your friend, is your friend going to return the amount

Vipul Bhavsar
Chartered Accountant
www.capitalca.in

Vipul Bhavsar |79 Answers |Ask -Follow

Tax Expert - Answered on May 15, 2025

Asked by Anonymous - Apr 15, 2025

Money

Is it safe to gift money to NRE son to buy property in Dubai

Ans: Yes, kindly execute a gift deed for the same.

Vipul Bhavsar
Chartered Accountant
www.capitalca.in

Mayank Chandel |2284 Answers |Ask -Follow

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on May 15, 2025

Asked by Anonymous - May 09, 2025

Career

Sir, my son got 92938 crl in jee mai, getting 5 year cse at jiit sector 62, vit at category 4 and 5years mtech ECE at lnmiit, which is the best.

Ans: Hi
if you don't have financial constraints then you can prefer VIT

Mayank Chandel |2284 Answers |Ask -Follow

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on May 15, 2025

Question by Rahul - May 10, 2025

Career

I passed 12th in 2024 and i am appearing for jee advanced in 2025 for the first time, am i eligible for jee advanced 2026 for my second attempt or is it lost

Ans: Hi Rahul
from the year of your first appearance in 12th, you can give jee main 3 times & advanced 2 times.
you can appear in 2026

See more questions »

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

Video Reply
Audio Reply

WhatsApp
Facebook
Twitter
Copy link

Delete

Close

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus

Sign up

email

uname

mobile no

Country Code

Mobile number

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

LOGIN

x