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Filing interest earned with income tax

Darin (Tax payer) (21 Points)

26 July 2018

Hi,

I have an ICICI savings bank account and earned an interest of Rs.153759.00 for FY 2017-2018. When I used ClearTax and input the interest amount, it says Tax due amount is Rs 48000.00. Is this plausible?

Also, I have a Recurring Deposit. Do I need to declare the interest earned for RD as well while tax filing since RD interest have TDS?

Thanks,

Darin

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RAMESH PATEL (STUDENT) (93 Points)
Replied 26 July 2018

dear Darin, interest from Saving account is taxable under income from other sources of and RS 10000 is claimed as deduction under section 80tta.
first of all u check whether this much amount is really from saving account as it is very rare. and if it is true that means u covered under 30%tax bracket that's why the tax amount comes to 48000. also make sure you have taken deduction of 10000.

as far as Rd are concern interest from Rd is taxable under other sources and if it has tds then u have to show it in your return otherwise u will not get the benefit of tds deducted on Rd interest.

hope u will find ur solution.