Interest on Savings Bank Account

This query is : Resolved

Mohd Sarfaraz Latibani (Querist)
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07 April 2010 I want to know Interest on Savings Bank Account is Taxable or not? and whether the interest received is eligible for deduction of TDS or not?

Thanks

Shyam Lal Naik

Shyam Lal Naik (Expert)
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07 April 2010 Taxable.

Interest, if exceeds, Rs. 10,000/-, TDS applicable.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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07 April 2010
Yes, Interest on Saving Bank account is taxable under the head Income from other sources.
Yes , Interst recd is eligible for deduction of TDS,if interest recd is more than Rs.10000/-

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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07 April 2010 AGREE

CA.Nikhil Gupta

CA.Nikhil Gupta (Expert)
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07 April 2010 agree

CA Gangadhar Mishra

CA Gangadhar Mishra (Expert)
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07 April 2010 sb int is taxable, TDS applicable if int exceeds 10000/- pa , but practically, most of the banks does not deduct tax on SB int. the assessee has to takecare of the tax effects.