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Interest paid by bank on savings account

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Querist : Anonymous

Querist : Anonymous (Querist)

20 July 2014 Hi,

If one has aggregate of interest income exceeding 10000 through all savings accounts and the banks in which such accounts are held, have not deducted TDS and has not issued form 16 hence. Then how to pay such stipulated tax. Can it be paid by the way of self-assessment. And how to furnish such income details as no TDS has been decducted and no form 16 received.

Thanks....

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

21 July 2014 First of all TDS is not deducted on Saving Bank Interest. Savings Bank interest is exempted upto Rs 10000 u/s 80TTA. So income from savings bank interest in excess of Rs 10000 is taxable. You need to show total interest as Income from other sources and claim Rs 10000 as deduction u/s 80TTA. If your income is taxable after all deduction then you need to pay tax as self assessment tax.

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