Question: If I have a Joint Saving Account and FD. My question is, whether this interest will attract tax?
Answer: A fixed deposit (FD), whether single/jointly held through bank saving account will attract tax as below:
i) TDS (tax deducted at source) will be cut in case the interest payment on the bank FD is > Rs 10,000 p.a. The rate is 10% (excluding cess);
ii) You will have to mention the interest earned on the FD in your ITR at the time of tax filing. The interest amount is fully taxable at your applicable income tax slab rate.
Experts @ TaxYogi