Income tax query
Pooja 29 February 2020
what are the tax provisions of ' income from other sources' head I.e., interest received on bank deposits
Eswar Reddy S (CFO- at NHTF) 29 February 2020
If the annual interest payable by bank exceeds 10000/- then the bank should deduct Tds @ 10%.
From your point of you:
If the annual income exceeds 250000/- you must file ITR.If the interest income exceeds 250000/- then you must file ITR.
But if you are a senior citizen then there is 50000/- deduction u/s 80TTB for the interest received on FD..
Even you must pay tax on saving account too for the amount exceeding 10000/-(80TTA)
Kapadia Pravin 01 March 2020
@ Pooja
Welcome to join this Forum Today
whatever queries are there , please ask specific points. Avoid general presumptive type queries.
interest received on Bank deposits under IFOS
For senior citizens
FD interest SB interest maximum upto 50000/- under 80TTB
For Individual other than Sr citizen
SB interest Max upto 10000/- under 80TTA
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The above is For Current FY 2019-2020.
Next FY NIL deductions under next tax regime.
Assessee gets option to choose between old and new tax regime
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