Does interest on salary saving account needs to be mentioned in tax return and is it taxable?

Question

Does interest on salary saving account needs to be mentioned in tax return and is it taxable?

Answer 1

Normally salaried persons have some accrued interest on bank deposits or saving accounts that they declare as Income from Other Sources.

Tax on this income can be paid in July. Fill Challan ITNS 280 for self assessment tax, and pay the amount in SBI.

Attach the challan to your ITR.

Answer 2

Few things...

If the salary is from an employer who gave you a W-2 and already took out taxes on your paycheck, then no.

I believe when E-filing they said that you don't count interest in savings accounts, but I can't be sure.

Savings account interestsare around .0000000000000000001% right now, so the amount you make is barely noticable.

Answer 3

yes, it is to be mentioned and is a part of your income for the financial year, and taxed accordingly., Only the post office savings bank account interest is exempt from tax.

Answer 4

yes, its a part of your salary, it doesn't matter what account it went into.

Answer 5

Dear sir,

What ever kind of income it may be you need to pay tax  provided the income does not come under exempted catagory. Interest on saving account is taxable. Please add while computing your taxable income and whatever tax is payable you should calculate and remitt by filing challan 280

Answer 6

Yes.

Read this about filing your tax return

http://mytaxes.in/index.php?topic=32.0