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Income tax on saving bank account interest earned?

ITR 1107 views 2 replies

Dilip Mistry

Software Professional

25 Points Joined June 2014

Hi Friends,

I have the following questions and would like to have the answers from all the experts:

1. Is it really important to disclose the saving account interest while filing ITR1 (considering I am a salaried person). What if I do not (negative consequences)?

2. In case it exceeds 10,000 , do I need to update "Schedule TDS 2" section? My bank did not deducted any amount on the interest and I dont see any such deduction/entry in Form-26AS.

Thanks,

Dilip

Replies (2)

Mihir

Wealth Manager

5293 Points Joined December 2008

It is fair to disclose interest income from saving account. You may claim deduction u/s 80TTA from your saving interest income for up to Rs. 10,000/-.

CA Raj Doshi

Practising CA

8944 Points Joined December 2013

1. You need to show saving bank interest under income from other sources compulsorily. Otherwise there will be an escape of income which shall be a very big negative outcome. You can claim dedication of this interest u/s 80 TTA up to Rs. 10000. 2. TDs not to be deducted on saving bank interest . So no question of the same getting into your form 26AS.