Scheduled banks

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FINANCE ASSOCIATE AT ICMAI
149 Points Posted on 11 January 2021
income from scheduled bank is taxable ?
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On 11 January 2021 at 13:07 Report
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Interest earned from scheduled banks is generally taxable. While there's an exemption for interest up to £40,000, any amount exceeding this threshold is subject to tax. Banks are required to deduct TDS on interest above £40,000, unless specific conditions like submitting Form 15G/15H or falling below the taxable income limit are met.

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17269 Points Posted on 11 January 2021
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On 11 January 2021 at 13:18
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FINANCE ASSOCIATE AT ICMAI
149 Points Posted on 11 January 2021
But upto 40000 ka interest exempt hotah hai nah ???
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On 11 January 2021 at 13:29
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Chartered Accountant
24588 Points Posted on 11 January 2021
Yes upto 40000 but above is taxable
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On 11 January 2021 at 13:32
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FINANCE ASSOCIATE AT ICMAI
149 Points Posted on 11 January 2021
Why is it taxable ?
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On 11 January 2021 at 13:35
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Bhopal
100 Points Posted on 11 January 2021
Above 40000 bank liability to deduct TDS amount , following reasons when bank not deduct TDS amount , if we submit form 15G/15H to bank . or our income not cover in taxable limit . as per income tax all deposits from schedule bank is fully taxable in income tax
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On 11 January 2021 at 14:21
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FINANCE ASSOCIATE AT ICMAI
149 Points Posted on 11 January 2021
Thank you i had mixed up exemption upto 10000 and tds provision.
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On 11 January 2021 at 14:36
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Accountant
4533 Points Posted on 16 January 2021
Yes taxable
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On 16 January 2021 at 11:57

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