Tax on interest on Fd and savings for wife.
2 years ago
I am a housewife and my husband has made certain FDs on my name. I have received Form 16 for interest on FDs with TDS details. So, for this interest I need file It return or my husband is supposed to include it as his income from other sources.
By reading at different places , I am getting an impression that both me and my husband have to file IT return for this interest on FD. Wouldn't this lead to duplication of same amount as two people's income.
Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hi,
Interest earned on a fixed deposit is entirely taxed. It will be added to your total earnings and taxed at the same slab rates as the rest of your earnings. However, only one individual should file an IT return for taxes, which would almost certainly result in tax duplication. As a result, you should get advice from a professional before proceeding.
Thank you very much.
Interest earned on a fixed deposit is entirely taxed. It will be added to your total earnings and taxed at the same slab rates as the rest of your earnings. However, only one individual should file an IT return for taxes, which would almost certainly result in tax duplication. As a result, you should get advice from a professional before proceeding.
Thank you very much.
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A.Hi,
Fixed Deposit interest income is completely taxed. It will be added to your total income and taxed at the slab rates that apply to your entire income. However, IT return for the taxes should be paid by only one individual and this would inturn lead to duplication of the taxes for sure. Therefore it is advisable to consult an expert before you venture further.
Thank you.
Fixed Deposit interest income is completely taxed. It will be added to your total income and taxed at the slab rates that apply to your entire income. However, IT return for the taxes should be paid by only one individual and this would inturn lead to duplication of the taxes for sure. Therefore it is advisable to consult an expert before you venture further.
Thank you.
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A.Dear Sir,
Yes, it being a earned by your husband as such yourself and your husband as to file IT returns and for more clarifications you may approach chartered accountant. You may get assistance of Auditor.
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Yes, it being a earned by your husband as such yourself and your husband as to file IT returns and for more clarifications you may approach chartered accountant. You may get assistance of Auditor.
Rate me Five Star*
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