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Income tax query

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Pooja

21 Points Posted on 29 February 2020

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

Replies (3)

Quick Summary

This discussion clarifies tax rules for 'income from other sources', specifically interest earned on bank deposits. It explains Tax Deducted at Source (TDS) rules, where banks deduct 10% if annual interest exceeds £10,000. The thread also details Income Tax Return (ITR) filing requirements based on total income and highlights deductions available under Section 80TTB for senior citizens (up to £50,000 on FD and savings interest) and Section 80TTA for others (up to £10,000 on savings interest).

Eswar Reddy S

CFO- at NHTF

15022 Points Posted on 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)

sabyasachi mukherjee

Profession

19978 Points Posted on 29 February 2020

Refer Sec 80TTA..

Kapadia Pravin

10683 Points Posted on 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