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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 May 2013 I am a slaried person and my annual income is Rs. 4.5 lacs on which the TDS is deducted by the employer, but I have earned interest of Rs. 30000 from bank, on which the TDS is not deducted by the bank, now what should I do if I want to pay Income tax on bank interest, and how should I mention it in ITR-1 for assessment year 2013-2014. Under which head I have to deposit the tax which I want to pay on bank interest?

CA Kapil Verma

CA Kapil Verma (Expert)
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20 May 2013 Yes, you need to pay income tax on bank interest as you income is already above taxable limit.

Show the bank interest in "Income form Other sources"