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….
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.
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