12 July 2007
Interet on Savings accont or Recurring deposit is an interest which is chargeable to tax under income from other sources. with the removal of deduction under section 80L by our glorious and illustrious Finance Minister, all interest whether received on Savings Bank or recurring deposit is taxable and no deduction is available.
12 July 2007
Interest paid by Bank and Post Office is subject to Tax and interest income above Rs 10000/- ( w.e.f 1st June 07 ) shall be subject to TDS.
However subject to certain condition exemption can be filed in Form 15H or 15G as the case mat be.
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