Wednesday, December 14, 2011

What is the taxable amount for fixed deposit in local bank?

I'm not certain I understand your question. But if you are asking about taxation on a savings account or other interesting bearing account. You only have to report the amount of interest you earned on those accounts. If it is less than $10 in interest you do not have to report it on your tax returns. That's the simple answer. If you are asking something else or don't live in the US my answer may not apply.

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