Savings bank interest is income or not
pawan (software professional) (33 Points)
08 November 2014pawan (software professional) (33 Points)
08 November 2014
CA Saloni
(Manager-Accounts & GST Consultant)
(5124 Points)
Replied 08 November 2014
Income from saving bank interest comes under income from other sources & it is taxable.
But you can claim deduction u/s 80TTA upto rs 10,000/-
You will have to mention it in your ITR.....
HARESH JAMBUCHA
(Student CA Final )
(55 Points)
Replied 08 November 2014
If you are recieving Bank Interest more than Rs.10000 than Bank will deduct TDS on it automatically.Rate of TDS deducted depends upon wether you have quoted your PAN No or not.Correct me Experts if I am wrong.
Mihir
(Wealth Manager)
(5293 Points)
Replied 08 November 2014
Even if interest from saving account is exempt upto Rs. 10,000/- u/s 80TTA, you will have to first mention it under income from sources in your ITR.
Ramanuj
(Accountant.)
(834 Points)
Replied 08 November 2014
Up to Rs 10000.00 is not taxable & u can claim U/s 80TTA.
pawan
(software professional)
(33 Points)
Replied 08 November 2014
thiruvayu
(FCA)
(155 Points)
Replied 09 November 2014
pawan
(software professional)
(33 Points)
Replied 09 November 2014
DHIRAJ JAIN
(00)
(30 Points)
Replied 09 November 2014
Pankhuri Singhal
(ARTICLE)
(55 Points)
Replied 10 November 2014
pawan
(software professional)
(33 Points)
Replied 10 November 2014
thiruvayu
(FCA)
(155 Points)
Replied 10 November 2014
thiruvayu
(FCA)
(155 Points)
Replied 10 November 2014
If you do not pay income tax before filing income tax return, the return will be treated as defective return.
So it is better pay taxes and mention the challan details in your income tax return and then upload.
SOURABH KUMAR VERMA
(Software Engineer)
(29 Points)
Replied 09 January 2015
Hi,
I have an adjacent question to it. Suppose the interest earned through saving bank account is less than 10000 Rs., should we still mention it in the "income from other sources" category and mention the same in 80TTA to get it deducted (nullified) ?
Regards,
Sourabh
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