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Income tax query

Pooja (1 Points)

29 February 2020

what are the tax provisions of ' income from other sources' head I.e., interest received on bank deposits

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Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 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)

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sabyasachi mukherjee (26047 Points)
Replied 29 February 2020

Refer Sec 80TTA..

Kapadia Pravin (17249 Points)
Replied 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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