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| *Ostroff, Fair and Company>>>India Taxes |
Tax calculation? |
(Q1)if i do fixed deposit in a bank( say, State bank of india) and want to get the monthly interest in return, does it become taxable ? if it becomes taxable, how to cut the tax ? investment ? what investment ? can you please show me an estimated calculation ? (Q2) If i keep the money in the name of my organisation,and want to pay my employees with the monthly return , will it become taxable ? can you please show me an estimated caculation ? can you give some tips to avoid tax ? any tax guru here ? thanks firstly The interest on fixed deposit will be taxable on accural basis. and TDS will be deducted if interest is more than 5000 P.A. and tax will be deducted at sources @10.2%. you have also show it as income in income from other sources and will be taxable at normal tax rate. Bank will deduct the tax before giving you the interest. No matter to whome you want to pay from that money. If you put your money in Mutual Funds for one year or above, you will get tax free returns.If you withdraw before one year, you are liable to pay Capital Gain Tax. |
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