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440105 Points
Joined August 2012
In case a salaried person whose tax has already been paid by the employer also has some interest from Bank then s/he needs to pay tax on that interest income also.
1) By what time period this tax on bank interest have to be paid?
2) In case a person has not yet paid the tax on this interest income from bank, then how much tax he needs to pay now i.e., including interest on the tax not paid.
3) How is this interest calculated? can you give an example?
Thanks,
K.K.