Whether interest on SB a/c is taxable ?
CA Chaitanya
(PRACTISING CA)
(4283 Points)
Replied 02 January 2009
It is taxable under the head Income from other sources.
CA. Rajeev Aggarwal
(Chartered Accountant)
(3424 Points)
Replied 02 January 2009
Yes, under income from other sources
CA Hemant T Dewani
(Chartered Accountant)
(3356 Points)
Replied 02 January 2009
interest received from saving a/c is not your business so it is taxable under the head of income from other sources
Sandeep Keswani
(Tax Consultant)
(1064 Points)
Replied 02 January 2009
Savings Bank Interest was allowed as a deduction u/s. 80L before 4-5 years, subject to a maximum ceiling. Since last 4-5 years Section 80L has been abolished and hence any interest received from bank (SB interest or FDR interest) is taxable under the head "Income from Other Sources".
SANDEEP KESWANI.
Ashish Ranpara
(TAX CONSULTANT)
(369 Points)
Replied 02 January 2009
Yes Saving Bank Interst is Taxable and is also allowable for Expetion u/s 80C
SRIKANTH
(Student)
(300 Points)
Replied 02 January 2009
savings bank interest is taxable as income from other souces. there is no deduction.
Dharmesh Lad
(Service)
(36 Points)
Replied 04 January 2009
IT IS FULLY TAXABLE INCOME & TAXABLE UNDER INCOME HEAD OF INCOME FROM OTHER SOURCES
Jagadish
(Student)
(368 Points)
Replied 13 January 2009
yes it is taxable under incom from other sources
barkha
(C.A.)
(88 Points)
Replied 21 February 2009
Yes,it is taxable under head Income From Other Sources.
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