The Budget is crucial this year as it is the election year and the government holds the key. All eyes are on Finance Minister Nirmala Sitharaman on how the NDA government would balance the fiscal goals and electoral appeal.
The interest earned from FDs is a taxable income and is subject to tax deductions. In the case of fixed deposits, whether it is with a bank, post office, or NBFC, TDS is deducted in accordance with the income tax regulations set by the government.
In a recent ruling, the Gujarat High Court has set aside an Income Tax Liability Order, highlighting the crucial requirement of a valid show-cause notice for recovery under Section 179 of the Income.
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