Income Tax Return

FDs are safe, but you need to diversify your investment to get better returns and risk management. With FDs your can secure your future and it’s a good idea. To understand the FD Taxation and Planning, you need to understand these points:

If your total FD interest exceeds to Rs.40,000 then bank will deduct 10% TDS annually. There is a a procedure of taxation on maturity of your FD. Your annual tax liability may vary. So its better to do some -tax saving investments like PPF and ELSS.

It’s important to resolve any unpaid bills and possible tax problems.
Make sure you have all the receipts and invoices for any kind of unexpected medical bills, purchase of the property, business expenses or any travelling related to your job profile. If you have taken any loan, make sure you have all the valid loan documents.
But if you can't justify your spending, just be honest while filling your tax return. You can get help from a CA regarding tax filling and handling interaction with tax department.