What is the taxable amount for fixed deposit in local bank?
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Answer:
It seems you are asking about the returns (interest) on FDs. It is taxed as Income from Other Sources. The entire amount. As for TDS, the bank will deduct tax at source if the interest amount exceeds Rs 10,000/- for the FY.
Ritu R at Yahoo! Answers Visit the source
Other answers
I'm not certain I understand your question. But if you are asking about taxation on a savings account or other interesting bearing account. You only have to report the amount of interest you earned on those accounts. If it is less than $10 in interest you do not have to report it on your tax returns. That's the simple answer. If you are asking something else or don't live in the US my answer may not apply.
Rusty
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