If i plan to deposit 5 to 10 lakh in bank, will i be subjected to tax?
If you keep the amount in the bank, that is in SB A/c it will earn an interest of 4%pa to 7% pa. For example most of the banks like SBI & ICICI will give only 4% pa interest on SB A/c. But Yes Bank is giving 7% interest on SB A/c. Suppose if you keep 10 lakhs in Yes Bank SB it will earn Rs.6,944 per month. Please note that there is no TDS on SB A/c interest even if you earn any amount of interest say even 1 crore. At the same time Rs.10,000 SB interest is tax free per year. But the SB A/c interest is taxable after the first 10,000. At the same time the interest on FD will earn more interest about 9 to 9.5% pa. The banks will deduct TDS on the FD interest if the amount of interest exceeds Rs.10,000 in a financial year. Rs.5 lakhs or 10 lakhs FD will surly attracts TDS. In case if your total income is below taxable, then you can submit Form 15G or 15H to the bank so that they will not deduct any TDS from your FD.
I want keep my money in SBI fixed deposit. 50,00,000.how much intrest i get per month.and is there any taxes?
If you are asking about fixed deposits offered by banks, then the answer is "zero". FDs of scheduled commercial banks are not included as an allowable investment under Section 80 (C) and hence you will not be able to get any benefit out of it. Under Section 80 (C), you can invest a total of Rs.100,000, which will be deductible from your taxable income. Investments under 80 (C) include those in Employees' Provident Fund (if you are a salaried employee), NSC, ELSS, Public Provident Fund, Life Insurance Premiums, etc.
Fix deposit account in India?
Kisan Vikas Patra •Minimum Investment Rs. 500/- No maximum limit. •Rate of interest 8.40% compounded annually. •Money doubles in 8 years and 7 months. •Two adults, Individuals and minor through guardian can purchase. •Companies, Trusts, Societies and any other Institution not eligible to purchase. •Non-Resident Indian/HUF are not eligible to purchase. •Facility of encashment from 2 ½ years. •Maturity proceeds not drawn are eligible to Post office Savings account interest for a maximum period of two years. •Facility of reinvestment on maturity. •Patras can be pledged as security against a loan to Banks/Govt. Institutions. •Patras are encashable at any Post office before maturity by way of transfer to desired Post office. •Patras are transferable to any Post office in India. •Patras are transferable from one person to another person before maturity •Duplicate can be issued for lost, stolen, destroyed, mutilated and defaced patras. •Nomination facility available. •Facility of purchase/payment of Kisan vikas Patras to the holder of Power of attorney. •Rebate under section 80 C not admissible. •Interest income taxable but no TDS •Deposits are exempt from Wealth tax. P.O. Fixed Deposit: Rs 100/- will become Rs 141.47 after 5 years @ 7.5% If the maturity amount is reinvested in PO FD it will become Rs 200.14 after total 10 years.
I'm waiting for my tax refund. This message was posted to my account DEP PRENOTIFICATION FROM REPUBLIC TRS?
It means that a deposit was pending but has not been processed. If it showed that status on 1/29 and didn't post within a day or so then the deposit was most likely rejected by your bank or was rolled back by the payer. If you filed your tax return through a commercial tax prep firm and opted to have your fees deducted from your refund, the partner bank that is doing the fee strip may have sent a small deposit to your account and then reversed it back out. This is to test your account to make sure that when they process your tax refund it will be deposited successfully. I'm not sure which tax prep firm uses Rebublic Bank, but the "Republic TRS" means "Republic Bank Tax Refund System" so that is almost certainly what this is all about. It's NOT a scam as some others seem to think! Many banks will do a test deposit and reversal to verify that the name and account number data that they have is accurate. It's disconcerting if you don't understand what's going on but is entirely innocent.