Manage Interest Income
In India, interest income plays a key role in helping individuals grow their wealth steadily. It is the income earned from various financial instruments such as fixed deposits, savings accounts, bonds, and more.
This guide will help you understand the different types of interest income and how to report them accurately when filing your income tax return.
Types of Interest Income
| Type of Interest | Source |
|---|---|
| Savings Account | Interest earned on the balance in your savings bank account |
| Deposits | Interest from fixed deposits, recurring deposits, and other deposits like Kisan Vikas Patra and National Savings Certificate |
| Bonds & Debentures | Interest earned on corporate bonds, government securities, and Debentures |
| Employee Provident Fund | Interest earned on your Employees' Provident Fund (EPF) contributions |
| Income Tax Refund | Interest received on delayed income tax refunds from Indian or foreign tax authorities |
| Loans & Advances | Interest earned from P2P lending platforms or loans given to others |
| Other Interest Incomes | Interest from sources not covered in other categories |
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Mobile
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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 credentialsYour 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
- You will see a list of interest income categories — Bonds & Debentures, Deposits, Employee Provident Fund, Income Tax Refund, Loans & Advances, Savings Account, and Other Interest Incomes. Click on the relevant category and Enter the interest earned during the year for that category and save
Mobile
- Navigate to File > Incomes > Other Incomes.Click Connect to import data from ITD
- Connect to ITD via Aadhaar OTP or credentialsYour interest income will be auto-filled. You can review it and proceed further.
- Navigate to File > Incomes > Other Incomes. Click on Interest Income
- You will see a list of interest income categories — Bonds & Debentures, Deposits, Employee Provident Fund, Income Tax Refund, Loans & Advances, Savings Account, and Other Interest Incomes. Click on the relevant category and Enter the interest earned during the year for that category and save
Steps to add interest income
There are two ways to add your interest income
1. Autofill from Income Tax Department
2. Add Manually
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