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Bank Interest

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(Querist)
08 June 2009 is Bank interest on FD/ Savings account exempt from Tax?
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Vipul J. Bhavsar

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Vipul J. Bhavsar (Expert)
08 June 2009 No. An assessee should show the "Interest income" under the head "Income from Other sources" and should pay tax if aggregate income exceeds basic exemption limit.Also no deduction under Chapter VIA is available.
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CA. Gurdeep Singh Chawla

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CA. Gurdeep Singh Chawla (Expert)
08 June 2009 No
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
08 June 2009 No, It will be taxable on the basis of a/cing method followed by assessee under the head income from Other Sources
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Radheyshyam Falod

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Radheyshyam Falod (Expert)
08 June 2009 No. The interest received from bank /FD will be taxable and if the income of the assessee crosses the basic exemption then he will have to pay tax on the same as even one rupee of interest is taxable and deduction u/s 80L of the Income Tax Act has also been removed under Chapter VI-A
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