Wells Fargo reported a 7% decline in profit for the first quarter due to increased costs and decreased borrower demand. However, adjusted profit surpassed analysts’ estimates. The bank’s net interest income also fell by 8% as it paid more to retain deposits and experienced a decline in loans. Despite the disappointing results, Wells Fargo’s stock has still performed better than the S&P 500 Banks Index this year.
Individuals can claim tax deductions on various investments that generate interest income like fixed deposits, bonds, savings account deposits, and recurring deposits. However, the eligibility and benefits of income tax deductions vary. This article explains how to check if your investment is eligible for deductions and how much benefit you can get. It also differentiates tax deductions for savings account interest income from fixed deposits and recurring deposits. Additionally, it discusses the types of interests that are not eligible for deductions under Section 80TTA or 80TTB, and provides guidance on claiming interest deductions while filing income tax returns.
