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
pahuja
(C.A Final Student )
(472 Points)
Replied 28 July 2011
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.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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