Tax on recurring deposit interest

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Chackappan Ouseph (Querist)
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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

CA NEERAJ SHARMA

CA NEERAJ SHARMA (Expert)
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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

RAJA P M

RAJA P M (Expert)
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19 April 2018 No exemption... if bank deduct TDS then go to file ITR and claim refund.

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