ITR -Lairage: How is interest earned on a joint account taxed, and how to report it correctly in your income tax return?

ITR -Lairage: Joint bank accounts have a primary account holder, and the second person is called a secondary account holder. This is clearly identified in banking documents. Income tax return -Submission: Your ITR inquiries Answer Income Tax Return 2025: Joint accounts are ordinary bank accounts that are jointly opened by two people who can enjoy equal benefits when it comes to deposits and withdrawals -including income tax return (ITR) benefits. Joint bank accounts have a primary account holder, and the second person is called a secondary account holder. This is clearly identified in banking documents. Joint bank accounts have several benefits. This includes buying an asset like a home. This means that the deed of the house will have both names, and that both account holders can claim tax deductions while submitting ITR. It also means that the taxable interest earned on joint accounts will have consequences for the account holders. How is tax calculated on the joint bank account interest? The interest earned in joint accounts is taxable to both containers. This is just as applicable to both primary and secondary account holders, even if they do not carry the joint account equally. The tax earned on interest is payable for both primary and secondary account holders. Under Article 80tta, one can earn the deduction of interest on savings accounts held up to £ 10,000 at the Post Office. Both account holders are responsible for reporting their part of interest income on their individual tax returns or ITRs. It should be noted that both individuals must report their income from the joint account interest in their ITR. How can your ITR submit for the joint account? Both the primary and secondary account holder must explain the joint account interest in their ITR filing. The ITR submission for joint account must be done according to the primary and secondary account holders profession or source of income. For example, if you are a salary person, submit ITR (1). Here is how to submit ITR (1): Sign in to the Income Tax Portal using your PAN details, choose the assessment year. To submit an ITR for FY 2024-25, select ‘AY 2025-26’ as the assessment year, click online and then ‘Continue’. Once it is redirected to the ‘File Income Tax’ page, select ‘Start new filing’. Choose from individual, HUF or others and choose “Continue”. Choose ITR (1) and choose the reason why you submit ITR. You will be led to a pre -filled ITR. Confirm the details, provide your bank account details and enter the OTP. Once you have entered income, banking details and personal details, you must verify everything. Vrify the pre -filled information. Verify the summary check of the return and pay the remaining tax or check the repayment amount and submit. Insured to verify your ITR. Disclaimer: This article is for information purposes only and does not form legal or tax advice. Taxpayers are advised to consult a qualified tax person or refer to the official website of the Income Tax Department for accurate and updated guidance before submitting their returns.