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Taxability

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 September 2012 Is bank deposit taxable?If so by how much?
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Taxguy

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Taxguy (Expert)
09 September 2012 Bank deposit is not chargeable, but the interest income from such deposit is taxable.
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K Srinivas, CMA CS

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K Srinivas, CMA CS (Expert)
10 September 2012 Taxguy is correct.

Interest on FDs are fully taxable whereas interest on savings a/c is exempt upto Rs.10000 a year per assessee.
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