Income tax on bank saving

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2013 I M SALARIED AND I HAVE EARNED APPROX RS. 3000/-INTT ON SAVING AND FD KINDLY LET ME KNOW IS IT COMPULSORY TO SHOW AS INCOME

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

29 July 2013 Yes it is income that's why it has to be shown.
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On Savings Interest you can get deduction from Gross Total Income. Actual amount or Rs. 10000 whichever is less.
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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

29 July 2013 Yes it is compulsory. Interest on FD gets reported through TDS return of Bank.

Also income from saving bank interest upto Rs 10000/- is exempt u/s 80TTA but FD interest is taxable.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

29 July 2013 Though FD int is taxable but if its within the slab like for ind- it is rs 2,00,000 not senior citizen then such fd int will not be taxed.

Ganeshbabu K

Ganeshbabu K (Expert)

01 August 2013 It is mandatory to show Interest on FD under income from other sources.

other wise you may get demand order from department

If you can take risk skip that income and pay with interest and penalty if department sends any demand order..

but it is recommended to pay tax by showing interest on FD

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