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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.
Senior citizens are those individuals who belong to the age groups of 60 years and above, but below 80 years.
Ensuring ITR filing compliance is imperative. Know if it is essential for senior citizens to pay tax or not.
"It is encouraging to see a reduction in customs duties for inputs/parts of certain electronic items like lithium-ion batteries, TV, and camera lens. It will improve the feasibility for enhancing backward integration and subsequently enabling local manufacturing of electronics," he said. Budget 2023: TV Prices to Come Down by Up to Rs 3,000 As Govt Reduces Custom Duty on Imported Parts.