Interest on saving bank account

This query is : Resolved

Mukund Patel (Querist)
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30 June 2010 Whether interest on saving bank account is compulsory shown in return of income ? If we can not disclose this interest any problem is there ? employer is responsible to show interest in form No.16 under the head other sources ?

Please clarify

MUKUND

Shyam Lal Naik

Shyam Lal Naik (Expert)
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30 June 2010 Interest on savings bank account is a taxable income and should be disclosed in the return of income.

I personally feel, no problem for minor lapses. hair split accuracy can not be expected from the tax payer.

Employer is responsible, provided the employee has disclosed such income to the employer.