What is not included in current account?

What to do if interest received from saving account is not included in income tax return in India?

• what to do if interest received from saving account is not included in income tax return for financial year 2011 - 12 and ITO had sent me notice asking that why interest was not ...show more

• Answer:

  If the notice is asking to pay tax just on the savings bank interest which you did not include in your return for f.y. 2011-12, you should pay tax on that as per the notice as the amount will not be much. For F.y. 11-12 saving bank interest was taxable, from f.y 2012-13 it is not taxable upto Rs. 10000.