Int. received on salary a/c

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2011 Sir,
a person have salary income of Rs. 650000 appox. and he gets interest on salary /saving a/c Rs.7000. it is manadatory to show the int. in return or he can opt not to show int. in return and save his tax liability.

CA Sachin D Jain

CA Sachin D Jain (Expert)
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26 July 2011 Dear Author,

It is strongly recommended that you show interest income in your return. When you are earning salary income in which the case TDS is deducted on full white income, then why should one suppress interest income on saving bank account. Suppressing of interest income will amount to suppression of income and penalty and interest will be leviable accordingly.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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26 July 2011 Now as the provision of 80L has been withdrawn there is no exemption of bank interest and hence you have to show this as income under the head Income from Other Sources. Do not take the risk of not showing the interest.

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