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You could have different types of interest incomes. Taxability of the interest income largely depends on its nature because some of the interest incomes are completely exempt, whereas some are partially exempt while some of them are completely taxable.
Let’s have a look at different interest incomes and their taxability:
Interest on savings bank account:
This is simply the interest that you earn on the balance of your savings bank account.
Usually this interest gets credited to your account on quarterly basis but some of the banks also provide you monthly interest.
This interest is completely taxable however, deduction under section 80TTA is allowed upto maximum of Rs. 10,000
Simply put, if your interest income from savings bank account is less than Rs. 10,000 you will not incur any tax liability on the same.
Interest on PPF account:
This is the interest that you earn on your PPF account balance
This interest in compounded annually i.e the annual interest is not paid off to you but it gets credited to your PPF account and you’ll continue to get interest on the same.
Current interest rate on PPF 8.7% per annum.
Interest earned on PPF account is completely exempt.
You could find out the annual interest from PPF account passbook or annual statement.
Interest on Tax free bonds:
There are two types of bonds, Tax free bonds and normal binds.
Interest received on tax free bonds is completely exempt from tax
however, capital gains on sale of such bonds is not exempt from taxable.
Interest on Fixed Deposits:
Fixed Deposit also known as term deposit is basically a deposit with a fixed rate of interest for a fixed period of time.
The tenure of deposits may vary from 7 days to the maximum of 10 years.
The interest earned on such deposits is taxable.
Interest on Post Office saving bank account:
Any interest earned on the post office saving bank account is exempt upto a certain extent
In case of Individual account, interest is exempt upto Rs. 3500 & in case of Joint account, interest is exempt upto Rs. 7000.
Other interest incomes:
Any other interest incomes like interest on late payment of refund, interest on enhanced compensation, interest on debt securities etc are taxable.
