Tax on intrest earned on savings

S/W Eng

20 Points Posted on 24 June 2012

Hi.

I am living in US and sending money to my Indian saving bank account.

I am already giving tax to US government on my earnings and submitted tax form 1040 in US.

Do I need to file ITR here for Interest Earned on my Saving Account alongwith my LIC premium paid during the year and PPF contributions?

Replies (3)

Associate Finance

20 Points Posted on 24 June 2012

hi,

ya you need to file ITR on income from other sources and LIC premium ,since remittance of money is not taxable,interest is however taxable

regards

sripal jain

Business Analyst

20 Points Posted on 24 June 2012

You need to file return in case that interest is more then exempt limit for the AY

STUDENT

20 Points Posted on 24 June 2012

HI NITIN , INTEREST IS A REVENUE RECEIPT SO IT IS TAXABLE AND U NEED TO FILE IT RETURN THERE .... HOWEVER MONEY TRANSFER IS NOT TAXABLE AT ALL...

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