Interest Income on Savings and FD

Last updated at Dec. 16, 2024 by

All types of interest Incomes are taxable Under Income from Other Sources
like Savings Bank Interest Income,FD and RD Interest Income

However on Savings Bank Interest,Deduction under Section 80TTA is available.
Also on FD,10% TDS is deducted by bank and balance paid to person

Example
Find tax in following cases in case of an Individual

Particulars Case 1 Case 2 Case 3 Case 4 Case 5
INCOME FROM   BUSINESS 400000 400000 400000 400000 400000
INTEREST INCOME ON FD 4000 4000 40000 40000 0
INTEREST INCOME ON SAVINGS 3000 13000 13000 0 13000
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CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 14 years. He also provides Accounts Tax GST Training in Delhi, Kerala and online.