Interest from bank
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 March 2012
For FY 11-12 interest income(FD+Savings) upto Rs.10,000/- is exempted, if it is more than 10,000/- full amount is txable.
While in our income tax return interest income (more than 10,000/-) will show fully any exemption against that can calim while calculating Taxable Income
While in our income tax return interest income (more than 10,000/-) will show fully any exemption against that can calim while calculating Taxable Income
30 March 2012
The deduction upto Rs. 10,000 is available from FY 12-13 onwards. It is not available for FY 11-12.
Accordingly, for FY 11-12, the whole amount of interest received is taxable, whether less than Rs. 10,000 or more than Rs. 10,000/-.
No deduction or exemption is available from such income.
Accordingly, for FY 11-12, the whole amount of interest received is taxable, whether less than Rs. 10,000 or more than Rs. 10,000/-.
No deduction or exemption is available from such income.
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