Do your Tax with TaxTim and WIN R10,000  More info   T&C's apply


IS IT COMPLUSORY TO PAY TAX ON INTEREST RECEIVED FROM A FIXED DEPOSIT



Hema says:
1 March 2016 at 16:33

I received my late husbands provident fund and invested it into a five year fixed deposit i receive r10 780 a month on the fixed deposit i am 44 years old and unemployed how much tax will i pay at the end of the year

TaxTim TaxTim says:
2 March 2016 at 10:40

There is an annual interest exemption of R23,800 per year - therefore you will pay tax on (10,780 X 12) - 23,800 = 105,560.

Therefore tax on R105,560 for the 2016 tax year (1 March 2015-28 Feb 2016) = R5,743.

This entry was posted in Tax Q&A and tagged , , , , . Bookmark the permalink.




Submit your tax return right here!

TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →

Get SARS Tax Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.