How to fill ‘Income from other sources’ in ITR1 – Economic Times

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  • Last Updated on 27 October, 2020

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Chartered Accountant Naveen Wadhwa, who is DGM, taxmann.com, says, “If you have received interest from savings account either held with bank or post office, exceeding Rs 10,000, then, differential amount will taxable as per the income tax rates applicable to you.” However, before claiming the deduction of Rs 10,000, you are required to declare the whole amount received as interest from savings account while filling up your ITR-1. 
 
Unlike savings account deposits, interest received or accrued on fixed deposits and/or recurring deposits are fully taxable in your hands. No deduction or tax relief is available on the interests of these deposits although this has changed for senior citizens from FY18-19 onwards. 
 
 

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