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What type of interest taxable?

Dibyendu (Consultant) (162 Points)

25 June 2013

Following are the items which I received between 1-04-2012 and 31-03-2013. Could you please tell me which of those should be clubbed with taxable income?

1. Interest Paid from Infrastructure Bond thru checque.

2. Intesret from FD of SBI.

3. Interst from NSC maturity.

4. Interset from SB a/c

Thanks and regards,

Dibyendu

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4 Replies

(Guest)

ALL interests are taxable.

(Guest)

INTEREST ON SB A/C IN ANY BANKS OTHER THAN POST OFFICE IS DEDUCTIBLE UPTO RS. 10,000 U/S 80TTA INTEREST ON SB A/C WITH POST OFFICE IS EXEMPTED UPTO RS. 3,500/- PER INDIVIDUAL MAX UPTO RS. 7,000/- IN CASE INFRASTRUCTURE BOND, IF IT IS TAXFREE BONDS THEN INTEREST ON THE SAME WILL ALSO BE EXEMPTED.

suresh deshpande (Retired from service) (36 Points)
Replied 09 July 2013

interest on FDs beyond five(5) years taxable/Exempted?

(Guest)

interest on any fdr including tax sever fdr is also taxable. amount of fdr under tax sever scheme of five years lock in period is itself deductible u/s 80C upto max rs. 1,00,000/- however interest thereon is taxable.