Mutual Fund Application Forms Download Any Applications
Invest in Tax Saving Mutual Funds Invest Online
Infrastructure Bond Application Forms Download Applications

Friday, October 6, 2017

How Interest on SB account, Bank FD are Taxed



imggallery


Some investors try to avoid TDS by breaking up their investments into smaller deposits across several banks. If you invest `1 lakh in a fixed deposit that earns 7%, the annual interest will not breach the `10,000 limit even in the fifth year. But experts warn against such attempts to avoid TDS and evade tax. It is compulsory to submit your PAN when you invest in a fixed deposit. There is no way to keep such investments hidden for long.


Others try to hoodwink the tax authorities by submitting Form 15G or 15H so that their bank does not deduct TDS. These forms are declarations that the individual's income for the year is below the taxable limit and therefore no TDS should be deducted from the interest. However, misuse of these forms can invite the wrath of the tax department. A false declaration not only attracts penalty but also prosecution. The taxpayer can be sentenced to jail for terms ranging from three months to two years


You need to meet two basic conditions to file form 15G. One, your taxable in come for the year should not exceed the basic exemption of `2.5 lakh. Two, the total interest received during the financial year should not exceed the basic exemption slab of `2.5 lakh. Mind you, the total interest income should include interest from other sources, including PPF and NSCs. Form 15H, which is for senior taxpayers above 60, imposes only the first condition. The final tax on the total annual income should be nil. So, senior citizens whose taxable income is below the `3 lakh limit are eligible to file Form 15H. For very senior citizens above 80, this limit is `5 lakh.




Invest Rs 1,50,000 and Save Tax up to Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds. Save Tax Get Rich

Top 10 Tax Saver Mutual Funds for 2017 - 2018

Best 10 ELSS Mutual Funds to Invest in India for 2017

1. DSP BlackRock Tax Saver Fund

2. Tata India Tax Savings Fund 

3. Birla Sun Life Tax Relief 96

4. Sundaram Diversified Equity Fund

5. ICICI Prudential Long Term Equity Fund

6. Invesco India Tax Plan

7. Franklin India TaxShield 

8. Reliance Tax Saver (ELSS) Fund

9. BNP Paribas Long Term Equity Fund

10. Axis Tax Saver Fund


Invest in Best Performing 2017 Tax Saver Mutual Funds Online

Invest Best Tax Saver Mutual Funds Online

Download Top Tax Saver Mutual Funds Application Forms


For further information contact SaveTaxGetRich on 94 8300 8300

OR

You can write to us at

Invest [at] SaveTaxGetRich [dot] Com

OR

Call us on 94 8300 8300


No comments:

Mutual Fund Application Forms Download Any Applications
Invest in Tax Saving Mutual Funds Invest Online
Infrastructure Bond Application Forms Download Applications
Related Posts Plugin for WordPress, Blogger...

Popular Posts