Do I need to declare Income tax on Domestic fixed deposit interest earned?



I am working in singapore and placed 10 lakhs in domestic fixed deposit scheme with Indian Bank in India. Am I chargeable for the income earned thro interest?

Do I need to declare Income tax on Domestic fixed deposit interest earned?
Rate these answers

6 Replies to “Do I need to declare Income tax on Domestic fixed deposit interest earned?”




  1. Yes, you are chargeable to Income earned from Fixed Deposit in India. In your case assuming you do not have any other income in india, considering average 8% rate of interest on FDR, your income comes to Rs. 80000/- which is below the maximum tax free limit for Income Tax purpose. So need not pay any tax or even need not file any income tax return in india for that.

    But if your bank has deducted TDS on this amount, the TDS figure will come around 8000/- in your case, you can claim refund of this amount by filing Income tax return in india. The income tax dept. will issue the refund. for more information you can contact [email protected]



  2. yes, the bank would deduct the tax at at source if the interest goes above rs 10,000 per annum. if your total income in India is more than rs 1,50,000 including the interest then u have to pay tax on interest and file your income tax return also. but if the total income in India including interest from this FD is less than 1,50,000 , then get the form 15 H from your bank, fill it up , sign it and send it your bankers. then no trax will be deducted by bank as source. the form is available with your bank





Leave a Reply

Your email address will not be published. Required fields are marked *