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Interest on bank recuring deposit is taxable or not

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c l saini (Querist)
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15 April 2014 Dear sir
i have received Rs 20000. 00 on a/c interest on bank recuring deposit during the f.y 13-14 pls advise that total interest will be taxable or not ,

Rupesh Jain

Rupesh Jain (Expert)
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15 April 2014 it is taxable under income from other sources.

you can not take deduction u/s 80TTA

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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15 April 2014 Yes, such interest amount is chargeable to tax under the head income from Other sources. and you have a chance to offer such income either on accrual basis or cash(receipt) basis choice is yours which you feels better benefit to you.

OM SAI SRI SAI JAI JAI SAI

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