Dear Samay,
1. Interest received on saving bank account. (it is less than 5000)-If the interest received on saving bank account is less than Rs 10,000.00-you need not to pay tax
2 interest received on PPF account. (Rs 7500)-Interest received on PPF is not taxable.
Dear Experts,
I have just started answering ,pls correct if i am wrong .
Could you please also help me to know the significance of “Total Amount Paid /
Credited” shown in the form 26AS.
Thank you Bala & Hemanth.
1. If the interest is solely from the savings account, as Bala said, you don’t have to pay the tax on interest.
2. You just no need to declare interest that u got in PPF
3. You have to pay the tax before as you have to give the details of the tax payment in the ITR form.
Dear Samay,
1. Interest received on saving bank account. (it is less than 5000)-If the interest received on saving bank account is less than Rs 10,000.00-you need not to pay tax
2 interest received on PPF account. (Rs 7500)-Interest received on PPF is not taxable.
Dear Experts,
I have just started answering ,pls correct if i am wrong .