Saving A/c Interest
Querist : Anonymous
its exempted ? how much ?
and whr we have to put that figure in ITR-1 or Saral-1.
Do its necessery to add in Form-16 as Interest income or not ?
pls reply
thanks in advance
Also, it is not necessary to mention the amount in Form 16.
Querist : Anonymous
Rs.100-400 this figure is also need to include in Form 16.
Do its compulsory or not ?
pls exlain details
thanxs again
Querist : Anonymous
Rs.100-400 this figure is also need to include in Form 16.
Do its compulsory or not ?
pls exlain details
thanxs again
Just include this amount under the head of Income from other sources in Saral Form and pay the excess tax as calculated.
However, you can get it included in from 16 by declaring it your employer as other income. In that, the tax on that will be automatically deducted in the form of TDS from salary.
But this declaration is generally given to the employer in advance before the end of the relevant financial year and at that time you are not sure about the amount of interest , so generally it is not included in Form 16.
So there is no Hard and fast rule to include it in Form 16.
Interest income on saving bank account is not exempt, its taxable under head "Income from other sources". U may show it in Form 16 or not. but it is better that u show it as ur tax will be deducted by employer on the basis of that.
regards,
CA Jatin Bansal
Chandigarh
Interest income on saving bank account is not exempt, its taxable under head "Income from other sources". U may show it in Form 16 or not. but it is better that u show it as ur tax will be deducted by employer on the basis of that.
regards,
CA Jatin Bansal
Chandigarh
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