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Tax on Bank Interest
For AY 2007-08 what is the rule to calculate the tax on Bank Interests earned from savings/FD deposits. Is there a limit like 5000 over which the tax is charged on Interest or is it to be taken as part of income and will then be eligible for tax as per the slabs
Replies (5)
any interest from bank or FD shall be taxable under the head Income from other sources
So you mean there are no minmum limits such as 5000 and all teh interest is chargeable as per the relevant tax slab?
Dear Mr. Arun,
Mr. Jain's reply and your understanding there to is correct. The old section 80L, providing deduction to Bank interest has been deleted from the statute book.
to my knowledge ...bank interest is fully taxable ,except to the extent the total income doesnt cross 1L ...or 1.35L as the case may b.....
Bank interest -Fully Taxable
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