Taxable Income

Taxable Income

Question: taxable income?

was wondering in a state that has state income tax, is interest from a savings account taxable as state income tax?




Answer: Generally, yes – it depends on the state.

Income below taxable limit: Is return to be filed?

Please refer to your answer to the first query on “Income-tax return — when should it be filed?” You have indicated that persons having income below taxable limit consequent on relief under Chapter VI-A need not file a voluntary return.

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