Question:

are senior citizens liable to pay income tax on interest from fixed deposits?

by sharmakunal  |  7 years, 4 month(s) ago

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are senior citizens liable to pay income tax on interest from fixed deposits? What is best way for senior citizens to reduce or avoid paying tax?

 Tags: citizens, deposits, FIXED, income, liable, pay, senior, tax

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3 ANSWERS

  1. Pravin Sane

    Yes u have to pay tax if ur total income is more than exemption limit

  2. Pooja Gupta

    if u don’t want TDS deduction on your fixed deposit then u file form 15 H with bank

  3. Rucha Mehta

     "For AY2012-13, senior citizens are required to file income tax returns if total income
    for Senior Citizens (60 yrs to 80 yrs) is more than Rs. 2,50,000 and for Super Senior Citizens (80 yrs or more) is more than Rs. 5,00,000. if you want to know best ways to reduce your tax liability the you can visit http://www.makemyreturns.com"

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