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Tax Filing 2025: How Is Interest From Joint Bank Account Taxed? Step-by-Step G
Tax Filing 2025: How Is Interest From Joint Bank Account Taxed? Step-by-Step Guide
If you hold a joint bank account, you must report your share of the interest income when filing your Income Tax Return (ITR). Each account holder needs to file their ITR separately, even if the account is shared. For most salaried individuals, the ITR-1 (Sahaj) form is the right choice.
New Delhi: A joint account is a type of bank account shared by two people, allowing both individuals to deposit and withdraw money freely. These accounts are popular among couples, business partners, or family members who manage shared finances. Beyond everyday banking convenience, joint accounts can also offer advantages when it comes to filing income tax returns (ITR), making them a practical choice for many.
A joint bank account is a regular savings account shared by two people, giving both equal access to deposit and withdraw money. One person is listed as the primary account holder, while the other is the secondary account holder. Both names are officially recorded by the bank, and they share full ownership and control of the account. (Also Read: Looking For Higher Returns? Check 1-Year FD Rates From Top Banks Like HDFC, ICICI, SBI & More)
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Joint accounts are commonly used to manage shared financial responsibilities, like buying a house together. When both names are included on the property deed, each account holder can claim tax deductions individually while filing their Income Tax Return (ITR).
Interest earned on a joint bank account is taxable for both account holders—regardless of who contributed more money to the account. Whether you're the primary or secondary holder, you are required to report your share of the interest income in your individual Income Tax Return (ITR). (Also Read: US NRI Explains Why He Moved Back To India At 40, Continues To Earn About 80 Lakh Annually)
Under Section 80TTA, you can also claim a deduction of up to Rs 10,000 on interest earned from savings accounts, including those held with the post office. Both account holders must include their portion of the interest income in their ITR to stay compliant with tax rules.
If you hold a joint bank account, you must report your share of the interest income when filing your Income Tax Return (ITR). Each account holder needs to file their ITR separately, even if the account is shared. For most salaried individuals, the ITR-1 (Sahaj) form is the right choice.
Steps to File ITR-1 for Joint Account Holders:
Log in to the Income Tax e-filing portal using your PAN.
Select the correct Assessment Year (e.g., AY 2025–26 for FY 2024–25).
Click on ‘Start New Filing' and choose your category (Individual, HUF, etc.).
Select the ITR-1 (Sahaj) form if you are a salaried individual.
Review the pre-filled form, which includes salary, TDS, and bank information.
Enter your share of the joint account interest under ‘Income from Other Sources'.
Double-check all details, calculate any tax payable or refund due.
Submit your return and complete the e-verification process online.
Source: ZeeNews
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