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Discussion > Income Tax >

Tax on interest from saving bank

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Student

[ Scorecard : 439]
Posted On 20 January 2008 at 23:23 Report Abuse

Whether interest received by individual from saving bank taxable under income tax. If yes under which head and section .are answer will change if it was Currant account. Another question is that, whether interest on tax refund taxable….  

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Venkatesh Rao
Service

[ Scorecard : 135]
Posted On 21 January 2008 at 08:22

interest earned is taxable u/s80L




CA Deepak Rajdev
Service

[ Scorecard : 32]
Posted On 21 January 2008 at 09:55

Interest from Saving Bank will be taxable under the Head OS. Refer to Sec 56 of the Income Tax Act. Earlier the Deduction for the same was available under sec 80 L but the same has been not been avaialable as on today.



Manek Amit

[ Scorecard : 362]
Posted On 21 January 2008 at 10:12

i am fully agree with Mr. Deepak rajdev



SUNDARARAJAN S
CA Final

[ Scorecard : 489]
Posted On 21 January 2008 at 13:24

1.Taxable under the head IFOS and no deduction can be avail since Sec 80 l has been rescinded.

2.Which Bank is provide interest to Current account?



Diwakar Mishra
Accountant

[ Scorecard : 132]
Posted On 21 January 2008 at 13:55

Yes Interest recd on saving bank accounts are taxable under the head Income from Other Sources Excess refund (Interest) recd are also taxable under the head Income from Other Sources



(Guest)
Posted On 21 January 2008 at 14:43

The Interest received on saving account with a bank will be taxed as Income from Other Sources. However no interest is payable by any bank on Current account. The interest received from income tax department is also taxed under the same head of income ie Income from Other sources



Kirti
Chartered Accountant

[ Scorecard : 37]
Posted On 22 January 2008 at 07:00

Interest on saving bank has limit of Rs. 10000 per branch. as per IT circular. it is taxable under IFOS



Irshad
Article

[ Scorecard : 1426]
Posted On 22 January 2008 at 09:53

Its taxable under the head Income from Other Sources(section 56).I dont think any bank provides interest on Current account...



(Guest)
Posted On 16 July 2008 at 18:17

is the intrest earned in saving bank acccount taxable and at what rate?



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