income from savings bank account

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 July 2011 sir

i am a software engineer and self-employed. I have received my payments in sb a/c and earned some interest in sb a/c around 2700 on yearly basis.

should i include the interest amount in my total income from my services or exclude ? As per my knowledge the interest upto Rs.10000/- is exempted from tax.

thanking you,

U S Sharma

U S Sharma (Expert)
Follow

17 July 2011 savings bank account interest is to be added with taxable income and tax to be paid.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

17 July 2011 There is no exemption for savings bank account interest earned from bank's. It has to be offered fully as income for income tax purposes.

CA. Krishna K Neeraj

CA. Krishna K Neeraj (Expert)
Follow

18 July 2011 Exemption is from the provisions of TDS and not from payment of taxes. Your saving bank interest is requierd to be include in to tal income and also you need to pay taxes thereon.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

18 July 2011 Yes I agree with the experts

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

MAYANK

CA.Pinank Arvindbhai Shah

prakash takane

Vijay Singh

ashok jain

Subscribe Now

income from savings bank account

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Manager- Finance and Compliance

Accountant

GST CONSULTANCY

GST CONSULTANT

CA Final

Senior Executive