Guidance.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 May 2013
I am a slaried person and my annual income is Rs. 4.5 lacs on which the TDS is deducted by the employer, but I have earned interest of Rs. 30000 from bank, on which the TDS is not deducted by the bank, now what should I do if I want to pay Income tax on bank interest, and how should I mention it in ITR-1 for assessment year 2013-2014. Under which head I have to deposit the tax which I want to pay on bank interest?
CA Kapil Verma
(Expert)
20 May 2013
Yes, you need to pay income tax on bank interest as you income is already above taxable limit.
Show the bank interest in "Income form Other sources"
Show the bank interest in "Income form Other sources"
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