08 June 2009
No. An assessee should show the "Interest income" under the head "Income from Other sources" and should pay tax if aggregate income exceeds basic exemption limit.Also no deduction under Chapter VIA is available.
08 June 2009
No. The interest received from bank /FD will be taxable and if the income of the assessee crosses the basic exemption then he will have to pay tax on the same as even one rupee of interest is taxable and deduction u/s 80L of the Income Tax Act has also been removed under Chapter VI-A
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