Income tax on bank saving
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
29 July 2013
Yes it is income that's why it has to be shown.
.
On Savings Interest you can get deduction from Gross Total Income. Actual amount or Rs. 10000 whichever is less.
.
.
On Savings Interest you can get deduction from Gross Total Income. Actual amount or Rs. 10000 whichever is less.
.
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.
Also income from saving bank interest upto Rs 10000/- is exempt u/s 80TTA but FD interest is taxable.
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.
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
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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