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tax on interest from fd and savings account

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Q: I want to know how much tax one needs to pay on interest earned through FD and Savings account. Is there any penalty for this?

Answer: Any interest from Bank Fixed Deposits, Savings accounts etc. needs to be included under "Income from Other Sources". This income will get included in your overall income and taxed as per your tax bracket.

Warm Regards,

From Your Tax Expert @ InvestmentYogi


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