TaxTMI 
TaxTMI 
How to file income tax for the first time? How to include income from sb accounts and fixed deposits?
first time income tax
26 Mar 2017 
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Taxation of bank interest: savings interest partly exempt, fixed deposit interest taxable; inform employer or file return.
Salaried taxpayers should file returns using PAN via the official e filing portal or a tax professional. Savings bank interest has a limited exemption; amounts beyond that exemption are taxable. Fixed deposit interest is fully taxable. Taxpayers may notify their employer to adjust withholding for such interest income or calculate, pay, and report the tax themselves when filing the return. (AI Summary)
Salaried taxpayers should file returns using PAN via the official e filing portal or a tax professional. Savings bank interest has a limited exemption; amounts beyond that exemption are taxable. Fixed deposit interest is fully taxable. Taxpayers may notify their employer to adjust withholding for such interest income or calculate, pay, and report the tax themselves when filing the return. (AI Summary)