Is interest received by an individual ( Salaried employee ) from his savings bank account is taxable or exwmpted ?
Please qoute the relavant section under Income tax Act
3 Replies
pahuja
(C.A Final Student )
(472 Points)
Replied 28 July 2011
Hi veenu, as per sec 56 , interest received through saving bank account is fully taxable under the head other sources. thanks and regards suraj pahuja.
Snehal
(Learning Tax)
(129 Points)
Replied 28 July 2011
Saving Interest is Taxable under Income from Other Sources under Section 56.
People often get confused over Saving's Interest because there is a provision in IT Act exempting Saving bank Interest from TDS.
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