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

Posted 2 March 2016

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.

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