Tag Archives: interest income

Adding Savings Bank Interest in your Income-tax return

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Generally taxpayers do not evaluate or disclose interest earned from saving bank account while filing Income-tax returns. It is taxable under ‘Income from other sources, however savings bank interest is exempt upto Rs. 10,000/-. It is always better to disclose this and take advantage of deduction available under section 80TTA. Click… Read more »

Make sure you have included these incomes in your Income-tax return

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When we file our Income-tax return, we tend to specifically include our main Sources of Income like Income from salary, Income from business or profession, etc. But many a times, we skip to include some Incomes which come under the head “Income from other sources”. Some of these incomes which… Read more »

Deduction of Interest on Savings Bank account u/s 80TTA

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Interest on savings account is taxable as per the applicable slab rates for individuals. However considering the genuine hardship faced by middle class taxpayers. Income-tax department has provided relief to them by introducing a new section 80TTA for deduction of interest on savings account with effect from 1st April, 2012. Taxpayers can enjoy this benefit… Read more »

Taxability of Interest income on Fixed Deposit

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Taxpayers invest their excess fund/savings in bank as term deposit, popularly known as Fixed Deposits. In return, banks pay them an interest. This interest is taxable as ‘Income from other sources’ and hence taxpayer needs to consider the interest received from fixed or recurring deposits while filing his Income-tax return…. Read more »