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Scheduled banks
income from scheduled bank is taxable ?
Replies (7)
Quick Summary
But upto 40000 ka interest exempt hotah hai nah ???
Yes upto 40000 but above is taxable
Why is it taxable ?
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
Thank you i had mixed up exemption upto 10000 and tds provision.
Yes taxable
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