Bank interest

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Mrs.N. Alamelu

Mrs.N. Alamelu (Querist)
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12 July 2007 Interest on savings bank account and RD Account - whether taxable. Is there any exemption limit.

SUBRAMANIA SARMA G

SUBRAMANIA SARMA G (Expert)
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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.

Sanjeev Kumar Varshney

Sanjeev Kumar Varshney (Expert)
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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.

Shashi Mohan Jha

Shashi Mohan Jha (Expert)
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12 July 2007 Reply of Sanjeev resolves the issue

CA BHARATH KUMAR

CA BHARATH KUMAR (Expert)
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18 July 2012 as now taxable above 10000

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