Due date of tax liability on interest income from bank

[Rahul Bagaria]

We earn quarterly interest on our money kept in bank (Savings account)What should be the due date of paying tax on this interest income ideally.

[Mukesh Kumar]

Due date of payment of tax is the date of furnishing the return of income as per the status of the assessee. However, if the income tax payable on such income is Rs. 5000/- or more, the normal provisions of advance tax would also be applicable. See Section 207 to Section 218 of the Income Tax Act, 1961.

AI Summary

Tax timing for bank interest: payment due on filing the return, with advance tax rules applying when liability exceeds threshold. Tax on bank interest is payable on the date the assessee furnishes the income-tax return appropriate to their status. If the tax liability on such interest meets or exceeds the statutory threshold, the advance tax regime and its procedural provisions apply, requiring compliance with advance payment obligations.