Tax calculation on bank interest

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  1. sir ,
    pl advice . is interest earned on bank amount ,in the FY is to be included in total annual income of FY 2015 -16 .
     
  2. Yes, its is included in your total annual income but you can claim exemption up to Rs. 10000 u/s 80TTA . This include only interest on saving account. Not other accounts like FD.
     
  3. James Joseph

    James Joseph New Member

    Interest are of two types. Interest from Term deposit and interest from savings account.
    The exemption is available only for interest from savings account upto Rs.10000 u/s 80TTA. But you have to declare the full interest.
     
  4. Thank you Mr Honey. Which ITR form is reqd to filled up , reflecting home loan by an indivual.
     
  5. What scanned docu are reqd to be submitted ,while e filling ITR 2,for jome loan. Iam doing it for 1st time .pl advice.
     
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