CA Neha Agrawal (CA) (830 Points)
08 July 2018An assessee has earned interest on bank Fixed Deposit around INR 1,00,000 in FY 2017-18. He submitted Form 15G so no TDS was deducted by the bank. This interest income is mentioned in Form 26AS as income and no tax deduction. Now while filing ITR this income is to be shown as "Income from Other Sources". Tax is being charged on this interest income for which Form 15G is already submitted.
How can he claim tax exemption on this interest income while filing ITR? Or is this income fully taxable?
Venkatesh Dangeti
(CA Final)
(881 Points)
Replied 08 July 2018
that income is fully taxable. even 80TTA deduction is not available for interest income from FDs
Ravi SADhiyan
(Practice)
(4510 Points)
Replied 09 July 2018
Intt on FDR fully taxable under Income Tax Act.
Anjali P Nair
(ACA,ACMA)
(582 Points)
Replied 09 July 2018
It is fully taxable. No deduction will be available for it.
By submitting form 15 G he is only move out from TDS liability even though he is not eligible for the same. 15 G can be submitted in following cases only
Ravi SADhiyan
(Practice)
(4510 Points)
Replied 11 July 2018
| Originally posted by : Whyreddy | ||
 |
this interest amt where shown in excel utility itr3 |  |
If Int. related to Saving Bank
Than So in Other sources
CAclubindia
