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Interest on auto sweep account


Ari Narayanan K   12 August 2020

Ari Narayanan K

 17 points

| My Other Post

I am having saving deposit account with auto sweep facility. can you clarify the interest earned on auto sweep deposit will be shown under savings interes earned or fd interest earned in IT return.

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Aditi Kaur (Practising CA)    1 September 2020

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Sagar Patel (Tax and Business Consultant)     12 August 2020

Sagar Patel
Tax and Business Consultant 
 807 likes  8837 points

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Auto sweep deposit is considered as Fixed/time deposit, So, interest earned on same is not considered as interest from saving account, but it's considered as FD interest.
Senior citizens can claim deduction u/s 80TTB for interest on FD.

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Ari Narayanan K   13 August 2020

Ari Narayanan K

 17 points

View Profile | My Other Post

Thank you very much


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