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Tds on fd interest and saving account

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Upendra Kumar Kaisar

Finance & Accounts Larsen & Toubro Ltd.

23 Points Posted on 15 June 2017

I have some FD interest of 6K and saving account interest of 5K. should i mention saving account interest as exempt income or to be clubbed with FD interest and attract TDS on slab rate.

Please let me know with rules.

Regards,

Upendra

Replies (3)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

121528 Points Posted on 15 June 2017

You have to declared total interest including SB acc interest, under IFOS; but can claim the sb interest under section 80TTA. (Deduction under chapter VI A)

PRABIR PAUL

*****Accountant***** Never insult to a

996 Points Posted on 15 June 2017

Income From Other Source:- 6+5 = 11K

Deduction u/s 80TTA:- 5K

Please note savings account interest is not exempt.It is fully taxable. However, a deduction u/s 80TTA has been given up to Rs 10000 for income from savings bank account. Since your SB interest is well below the limit of Rs 10000 it will not have any tax effect.