bhuvana (Accounts) (150 Points)
14 June 2023Sirs,
hv recd bank int of 39k (17k on savings a/c) on which bank has not deducted tds.....
1. now i shd declare it under other sources and pay tax...
2. out of 17k, i can claim 10k u/s 80TTA...
so now, i hv to pay tax for 29k...am i right..???
pls clarify.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160342 Points)
Replied 14 June 2023
1. Correct, under old tax regime.
2. Yes, taxable income from bank interest will be Rs. 29K.... which will be added to other incomes, and taxed at slab rate.
B Durga Prasad
(Student)
(175 Points)
Replied 14 June 2023
If you have received interest income of 39k, it is advisable to declare it under the head "Income from Other Sources" while filing your tax return. You will be liable to pay tax on this income based on the applicable tax slab rates.
Under Section 80TTA of the Income Tax Act, you can claim a deduction of up to 10,000 rupees on interest earned from savings accounts. So, out of the 17k interest earned on your savings account, you can claim a deduction of 10k under Section 80TTA.
Therefore, the taxable interest income would be 29k (39k - 10k) and you may need to pay tax on this amount.
To learn more about Income Tax Deductions click here
For more detailed information, visit Swipe Blogs.
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