1. Practical Income Tax
  2. Important Points of Different Incomes
  3. Income From Other Sources (IOS)
Check sibling questions

Interest Income on Savings and FD

Last updated at Dec. 16, 2024 by Teachoo

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

Particulars Case 1 Case 2 Case 3 Case 4 Case 5
PGBP INCOME 400000 400000 400000 400000 400000
INCOME FROM OTHER SOURCES 7000 17000 53000 40000 13000
GROSS TOTAL INCOME 407000 417000 453000 440000 413000
LESS          
DEDUCTIONS 3000 10000 10000 0 10000
NET TOTAL INCOME 404000 407000 443000 440000 403000
TAX 15400 15700 19300 19000 15300
REBATE 5000 5000 5000 5000 5000
NET TAX 10400 10700 14300 14000 10300
CESS 312 321 429 420 309
TAX+ CESS 10712 11021 14729 14420 10609
Less          
TDS 0 0 4000 4000 0
Net Tax Payable 10712 11021 10729 10420 10609
  1. Practical Income Tax
  2. Important Points of Different Incomes

    3. Income From Other Sources (IOS)

    Agricultural Income (AI) →
Agricultural Income (AI) →
Practical Income Tax
Important Points of Different Incomes

About the Author

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.