The interest income of the user is taxable under section 194A of the Income Tax Act (ITA), 1961. Banks deduct tax on fixed deposits if the interest earned on the same exceeds INR 40,000 in a year. The TDS rate will apply once the earnings go past the threshold limit of INR 40,000...
Income from Profits and Gains of Business or Profession : Income earned through business or profession (ex professional working as freelancer) is charged under this category. The income chargeable to tax is the difference between the credits received on running the business and expenses incurred takin...