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Scheduled banks

Rahul Agarwal (FINANCE ASSOCIATE AT ICMAI) (149 Points)

11 January 2021

income from scheduled bank is taxable ?

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Kapadia Pravin (17259 Points)
Replied 11 January 2021

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Rahul Agarwal (FINANCE ASSOCIATE AT ICMAI) (149 Points)
Replied 11 January 2021

But upto 40000 ka interest exempt hotah hai nah ???

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 11 January 2021

Yes upto 40000 but above is taxable

Rahul Agarwal (FINANCE ASSOCIATE AT ICMAI) (149 Points)
Replied 11 January 2021

Why is it taxable ?

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Priyank Nema (Bhopal) (100 Points)
Replied 11 January 2021

Above 40000 bank liability to deduct TDS amount , following reasons when bank not deduct TDS amount , if we submit form 15G/15H to bank . or our income not cover in taxable limit . as per income tax all deposits from schedule bank is fully taxable in income tax