incomes are very
common source of income for majority of individuals. Interest
income whether from bank deposits, NSCs, PPF or from any other source
have their own tax implications. Like interest from PPF is exempt from
NSC interest is taxable as per applicable slab rate but is allowed as
deduction U/s 80C, Interest from bank deposits is taxable at normal
slab rate except for savings bank interest which is allowed as
deduction u/s 80TTA & u/s 80TTB
(for senior citizens) So we need to keep
ourselves updated about all
these tax implications.
Interest incomes are taxable as income from other sources. The most
incomes are Savings Bank interest and FD interest. Lets read about
the tax implications of different interest incomes.