Whether interest on saving bank account is compulsory shown in return of income ? If we can not disclose this interest any problem is there ? employer is responsible to show interest in form No.16 under the head other sources ?
Please clarify
MUKUND
3 Replies
Dhawal Mohnot
(Practicing)
(449 Points)
Replied 30 June 2010
Employer wont know the amount of interest credited to your account. On his part he is obliged to only disclose the amount paid by him to you. Hence he wont be aware of the interest and is generally not disclosed. there is no benefit on not showing BAnk interest as it is anyway a meagre amount . Deduction was available earlier under 80C. But it is no longer available now.
Samir
(ACA)
(113 Points)
Replied 01 July 2010
I don't agree that S/b Bank Interest is a meagre amount (Excepting few cases).
Yes, Employer is not under obligation to shown your Bank interests in Form 16, But if you disclose the same to your employer he can add the same to your Income.
Bank Interest is Taxable and should be shown while filing IT Returns under income from Other sources.
Earlier Bank Interest was qualified for deduction u/s 80L
Kalpesh Chauhan,
(Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))
(8311 Points)
Replied 11 July 2010
Yes under the head "I.F.O.S"
Return of income to be filed by different assesses in differ
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