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Hardik Parikh | Answer |Ask -Follow

Tax, Mutual Fund Expert - Answered on Jul 23, 2023

Hardik Parikh is a chartered accountant with over 15 years of experience in taxation, accounting and finance.
He also holds an MBA degree from IIM-Indore.
Hardik, who began his career as an equity research analyst, founded his own advisory firm, Hardik Parikh Associates LLP, which provides a variety of financial services to clients.
He is committed to sharing his knowledge and helping others learn more about finance. He also speaks about valuation at different forums, such as study groups of the Western India Regional Council of Chartered Accountants.... more

Question by Krishan on Jul 22, 2023Hindi

Money

Hi Mr Hardik, For senior citizens if they receive any interest on FD or saving , is that interest amount is taxable? Krishan

Ans: Hello Krishan,

Yes, the interest earned on Fixed Deposits (FDs) and savings accounts is indeed taxable. However, there are certain provisions in the Income Tax Act that provide some relief to senior citizens.

As per Section 80TTB of the Income Tax Act, senior citizens, those who are 60 years or above, can claim a deduction of up to Rs 50,000 from their gross total income. This deduction is applicable on the interest earned from FDs, savings accounts, and recurring deposits.

So, if the total interest income earned by a senior citizen in a financial year does not exceed Rs 50,000, then it will not be subject to tax. However, if the interest income exceeds Rs 50,000, then the amount over Rs 50,000 will be taxable.

I hope this clarifies your query.

Best Regards,
Hardik

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.

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I am recently retired after 60 years of age. Please inform how much I have to pay tax on the following: 1. I invested Rs 45 lakhs in FD and am earning interest of approximately Rs 25,000 per month. 2. I have nominal pension of Rs 2,090 per month. So, how much tax is applicable to me as a senior citizen? Please clarify.

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Hello, Im 57 and retired from services and no more a monthly salaried person.My FD interest income per year would be 6 lacs . Do i need to pay tax ? I have a medical insurance plan where i pay a premium of Rs 40k per year .

Ans: As per the income tax laws in India for the financial year 2022-23, if your income from all sources, including interest income from fixed deposits, exceeds Rs. 2.5 lakhs, you are required to file an income tax return.

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Sir, kindly opine as to whether interest earned through deposit of amount received from General Provident Fund, Pension commutation and gratuity are taxable or otherwise. I plan to invest in Monthly Income Scheme in Post Office

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sir i am 78yrs and fall in taxable income due to my investments...now i want to invest 25L..If put in indus senior citizen fd for 18 mths they are offering 8.49 but with tax dont know how much will be actual increment OR do i go in for Senior citizens saving scheme that offers 8.2% with quaterly interest which is also taxable....OR any other..PLS SUGGEST

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CAn you comment on Taxation for interest earned? I want to know if my interest earned would be tax free till 61 or not?

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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.

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