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

Advance Tax Due for Interest Income Over Rs. 5000: Refer to Sections 207-218 of Income Tax Act, 1961. A user inquired about the due date for paying tax on interest income from a savings account. The response clarified that the due date for tax payment is aligned with the filing of the income tax return, depending on the individual's status. If the tax payable on the interest income is Rs. 5000 or more, advance tax provisions apply, referencing Sections 207 to 218 of the Income Tax Act, 1961.