Tax on Bank Interest

Is Bank Interest paid by bank to my saving account taxable, if there is any minimum interest that is exempted from paying the tax please do imform me.

asked Jul 06 '11 at 10:59 by BankInterest 1111


In addition to above answer by Mr Saga, please concider this also: Bank deducts tax @ 10% if your total interest exceeds Rs 10000, and while filing return you'll have to add the total annual interest paid to you on your FD's & savings to your total income (You can ask the data/statement from bank) & then recalculate the tax considering tax deducted by employer as well as by bank and also calculate the penalty/interest on the bal tax you have to pay as per section 234 a/b/c

answered Jul 08 '11 at 15:01 by sakiv1089 18681330

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Hi

Saving a/c interest is taxable and it will include in your taxable salary under the head income from other sources to compute your total tax liability.

answered Jul 06 '11 at 11:37 by sagar 4012

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Asked: Jul 06 '11 at 10:59

Seen: 2,122 times

Last updated: Jul 08 '11 at 15:01