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.
2 Answers
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
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.
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