Filing interest earned with Income Tax

[Darin New]

Hi,

I have an ICICI savings bank account and earned an interest of ₹ 153759.00 for FY 2017-2018. When I used ClearTax and input the interest amount, it says Tax due amount is ₹ 48000.00. Is this plausible?

Also, I have a Recurring Deposit. Do I need to declare the interest earned for RD as well while tax filing since RD interest have TDS?

Thanks,

Darin

AI Summary

Understanding Tax on Savings and Recurring Deposit Interest: Exemptions, TDS, and Declaration Requirements Explained A user inquired about filing interest earned on a savings account and a recurring deposit for income tax purposes. They reported earning 153,759 in interest from an ICICI savings account for FY 2017-2018, with a tax due of 48,000 according to ClearTax. They asked if this was plausible and whether they needed to declare interest from a recurring deposit, given TDS deductions. The response clarified that only 10,000 of savings account interest is exempt, and any additional interest is taxable. For recurring deposits, TDS may be deducted on an accrual basis, and the remaining tax must be paid.