If interest received from Saving Bank A/c by individual, Is it Taxable income in head of income from other source.
Kindly reply for the same
VIJAY
VIJAY KUDTARKAR (ACCOUNTANT) (291 Points)
06 December 2012If interest received from Saving Bank A/c by individual, Is it Taxable income in head of income from other source.
Kindly reply for the same
VIJAY
Nithin Chettoor
(Assistant Manager)
(388 Points)
Replied 06 December 2012
Normally it is taxable. But if you are a salaried employee, and you have no other source of income other than salary and interest from savings Bank A/c upto Rs. 10,000/- and TDS is deducted by the employer and no refund claim is there, then you need not file the returns. Hence it wont come under the tax sheild in this manner. Else, it is taxable,. There is no exemption as such.
raunak
(CA)
(369 Points)
Replied 06 December 2012
@ nitin...as per budget 2012....interest income froms avings bank a/c upto Rs 10000 has been made tax free.
Nithin Chettoor
(Assistant Manager)
(388 Points)
Replied 06 December 2012
yes. thanks for the correction and information.. :-)
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