Interest on fixed deposit

Bhanu Prakash Rao (Think Beyond Stay Ahead...!) (1064 Points)
Replied 03 July 2012

Yes, it is Taxed uner Income from Other sources.

ANIL KUMAR (Qualified CA Qualified CWA) (143 Points)
Replied 03 July 2012

The Interest Income that come from the Fixed Deposits with Banks are to taxable under the Head " Income from Other Sources"

valji (Accounts manager-MBA) (2150 Points)
Replied 03 July 2012

agreee with above

CA.Saibaburao Nanduri (Chartered Accountant) (3847 Points)
Replied 03 July 2012

Dear Srinivas,

The interest on fixed deposit are taxable. Up to the assessment year 2012-13 there is no confusion. From the assessment year 2013-14, the government has introduced a new section 80TTA. According to that Section an individual can get exemption up to Rs. 10,000/- on the interest from SAVINGS bank accounts. This exemption is not extended to ‘TIME DEPOSITS’ (fixed deposits). Hence the interest from fixed deposits are taxable for the assessment year 2013-14 also.

3 Like

HARISH MEHTA (Chartered Accountant) (210 Points)
Replied 03 July 2012

श्रीनिवासजी, Fixed Deposit का ब्याज करयोग्य होगा चाहे वह Nationalized बैंक का हो या किसी अन्य बैंक का । वित्त अधिनियम 2012 के द्वारा किये गये संशोधन के अनुसार एक नयी धारा 80TTA जोड़ी गयी है जिसके अनुसार बचत खाते से ब्याज की आय 10000/- तक की छूट प्रदान की गयी है ।

2 Like

Dinesh Soni (Student) (113 Points)
Replied 03 July 2012

ya Fixed Deposit intrest...income under the Head Income From Other Source.

Neha sharma (-) (1257 Points)
Replied 03 July 2012

Interest from Fixed Deposits is chargeable under head - Income from Other Sources

Maruthamuthu Kalaimani (SR Accounting Solutions - Proprietor) (79 Points)
Replied 04 July 2012

It is taxable under the head Income from other sources

CA PRAVEEN SINGH (MANAGER ACCOUNTS) (2277 Points)
Replied 04 July 2012

vDear Srinivas,

The interest on fixed deposit are taxable. Up to the assessment year 2012-13 there is no confusion. From the assessment year 2013-14, the government has introduced a new section 80TTA. According to that Section an individual can get exemption up to Rs. 10,000/- on the interest from SAVINGS bank accounts. This exemption is not extended to ‘TIME DEPOSITS’ (fixed deposits). Hence the interest from fixed deposits are taxable for the assessment year 2013-14 also.

Mukesh Kumar Singh (CA-FINAL) (4094 Points)
Replied 04 July 2012

Yes dear, it is taxable under income from other sources.

Banksnet Banking (software developer) (25 Points)
Replied 04 July 2012

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Banksnet Banking (software developer) (25 Points)
Replied 04 July 2012

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aditya (CMA) (21 Points)
Replied 04 July 2012

The interest on fixed deposit are taxable. Up to the assessment year 2012-13 there is no confusion. From the assessment year 2013-14, the government has introduced a new section 80TTA. According to that Section an individual can get exemption up to Rs. 10,000/- on the interest from SAVINGS bank accounts. This exemption is not extended to ‘TIME DEPOSITS’ (fixed deposits). Hence the interest from fixed deposits are taxable for the assessment year 2013-14 also.