Manage Interest Income

Created by Bharti Vasvani, Modified on Mon, 20 Jan at 5:33 PM by Prarthi Shah

In India, saving is often prioritized over spending. Interest income is the money you earn from investments like fixed deposits, bonds, savings accounts, etc. It's a steady way to grow your wealth over time. This guide will help you understand and report this income when filing your taxes.

The different types of interest income are:

Type of Interest	Interest earned on
Savings Account	Money in your savings account
Fixed Deposit	Fixed or recurring deposits in banks, post offices, or co-operative societies
Provident Fund	Balance in your Employees' Provident Fund or Recognized Provident Fund
IT Refund	Delayed income tax refund
Public Provident Fund	Balance in your Public Provident Fund
Any Other	Bonds, loans, or other investments

Note: PPF interest is exempt from taxes

Steps to add interest income

There are two ways to add your interest income

1. Autofill from Income Tax Department

Navigate to File > Incomes > Other Incomes. Click Connect to import data from ITD
Connect to ITD via Aadhaar OTP or credentials

Your interest income will be auto-filled. You can review it and proceed further.

2. Add Manually

Navigate to File > Incomes > Other Incomes. Click on Interest Income
Enter the interest earned during the year

If you still have any further queries, you can raise a ticket to get in touch with us.

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