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
View Answer
  1. Practical Income Tax
  2. Important Points of Different Incomes
Ask Download

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .