Hi, There is bound to be confusion, as long as this concerned. From the replies , it is infered that interest FD on minimum amount also would be taxable, even when you give 15g or not. Only thing is Banks will not do that for you and you have to note it in your tax return.
Regarding Savings bank account , one seldom knows the interest or one seldom finds any cacluation in the itr form when you give the inputs. The 10000 exemption is only available on the savings bank deposits, which is less than 5 percent and depends on the miniimum amount in a month or so. I do not know the exact way of calculating the interest on deposits, as you will withdraw most of the amount from this account and wuld use it as a means of planning day to day expenditure and saving.
The 26 AS wouldl not reflect the interest on the banks on whch you have fixed deposit amount that fetch less than 10000 per year. Thiswas cleared in the post by Sri Kiran clelarly.
The 26 AS would reflect only the name of the bank and interest details only on the banks that gives you more than rs.10000 interest and leaving the other banks that gives less than 10000, there by hiding the actuals of the interest, but would expect you to give all the details including those lesser interest while calculating and filing the itr.
Tax experts would be knowing more, but ordinary man would not understand thay this is about.
But stilll confusing is the thing that when i downloaded the 26 AS for the year, only a fewr amoutn has been shown in one bank . Atleast they could have provided the whole interest details in the form.
But i file the return by going to banks to get the exact details and acccrdingly add in other income to arrive at the tax.
Will some experts give ideas