Is interest received by an individual ( Salaried employee ) from his savings bank account is taxable or exwmpted ?
Please qoute the relavant section under Income tax Act
Menu
Interest on savings bank account taxable ?
Replies (3)
It is taxable.
Hi veenu, as per sec 56 , interest received through saving bank account is fully taxable under the head other sources. thanks and regards suraj pahuja.
Saving Interest is Taxable under Income from Other Sources under Section 56.
People often get confused over Saving's Interest because there is a provision in IT Act exempting Saving bank Interest from TDS.
Recent Topics :
- How Do CA Firms Manage Client Document Collection
- How do CA firms manage pending client documents du
- How to find a good CA
- Rcm on rent paid
- Clarify on GST Application
- Residential status for overseas students visitin
- Capital Gains Tax
- LTCG 112A and business loss
- FAST-DS 2026 applicability: foreign employee share
- NRI Property Sale in India: TDS Rates and Key Comp
Related Topics :
CAclubindia
