Usually, taxpayers don’t disclose the interest earned from their savings bank account, while filing Income Tax Returns. This amount is taxable under Income Tax from Other Sources. Saving bank interest is exempt up to Rs. 10,000. It is always suggested that you should disclose your saving bank interest and take advantages on it, which are available under section 80TTA.
You must update your savings account statement for a financial year from the bank. Credit part of this statement is for receipts and debit part of the statement is for payments. Interest for the entire financial year should be considered and the interest earned will reflect on the credit side. This interest is may be for full year or half year or for quarter year.
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