Question

interest received by an individual on bank deposits is chargeable under the head​

Answer 1

On tax on interest income, the account holder has to calculate and declare the interest under the head 'Income from other sources', from all saving bank accounts during the financial year.

Fixed Deposit: On accrual basis at the slab rate applicable, interest earned from fixed deposits is liable to be taxed.

Answer 2

Answer:

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Explanation:

The interest that you receive from a savings account is taxable under the head “Income from other sources”. Further, Section 80TTA provides for a deduction upto Rs 10,000 on such interest income and therefore, interest earned beyond Rs 10,000 only is taxable.

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