19 April 2018
I HAVE A RECURRING DEPOSIT. BANK CREDITED INTEREST RS. 30215/- IS THIS AMOUNT HAVE EXCEMPTION ??? I HAVE OTHER TAXABLE INCOME NEAR RS.115000/-. PLEASE GIVE ME A REPLY
19 April 2018
Interest on recuring deposit is Taxble under Income Tax act and No exemption is availble on such income.
But as you said you have other income which is only 115000 and interest income is 30215 hence your total GTI would be below maximum taxable limit. so no need to pay any tax or if Bank deduct any tds on your interest then simply file your ITR and claim your tds or you can file 15G/H with Department
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