If you have high income and do not want to pay taxes on interest you are enjoying at higher rate on fixed deposits with any banks like State Bank of India, Canara Bank , Indian Bank or any private banks like ICICI, HDFC or Axis etc.
Following are TAX brackets currently in fiscal year 15-16:
1. Rs. 250000 for citizen of age below 60 years.
2. Rs. 300000 for citizen of age equal or above 60 years. (Senior Citizen)
3. Rs. 500000 for citizen of age above 80 years. ( Super Senior Citizen )
If you earn higher what is applicable in your case, then do not make yourself as first depositor, make a family number whose doesnt earn as first depositor in fixed deposit
Then submit 15 G or 15 H in her name to avoid taxes every year in month of april.
If your mother is housewife, make FDs in her name and make your self as second depositor or joint operator so that you can close it yourself any time.
NOTE: Next blog will be on when you should submit 15 G or 15 H during the year.
Following are TAX brackets currently in fiscal year 15-16:
1. Rs. 250000 for citizen of age below 60 years.
2. Rs. 300000 for citizen of age equal or above 60 years. (Senior Citizen)
3. Rs. 500000 for citizen of age above 80 years. ( Super Senior Citizen )
If you earn higher what is applicable in your case, then do not make yourself as first depositor, make a family number whose doesnt earn as first depositor in fixed deposit
Then submit 15 G or 15 H in her name to avoid taxes every year in month of april.
If your mother is housewife, make FDs in her name and make your self as second depositor or joint operator so that you can close it yourself any time.
NOTE: Next blog will be on when you should submit 15 G or 15 H during the year.
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