Exempt income
This query is : Resolved
25 July 2015
R/all
one of my Clint , having income from salary Rs-3.8 lakh and there is interest of Rs. 1.1 lakh from OBC in his form 26AS. TDS has not deducted by bank on interest and it is showing U/s 192a in form 26 AS.
let me know whether my client have to pay tax on this income or it will be an exempt income.
interest received on amount deposit to bank, which was received as compensation of agriculture land acquisition by govt.
please suggest
26 July 2015
Your client has to pay tax on this interest income it is not exempted. Compensation may be exempt but not interest earned from it.
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