Individuals may approach their bank to obtain the relevant interest income values for the purpose of computing the interest that is exempt from income tax.
The amount of interest that is declared for income tax purposes is as follows: For savings and current accounts, the lower of the actual interest income derived from the savings or current account, or the interest income that would have been derived from a $100,000 deposit in a savings or current account.
For fixed deposit accounts, the lower of the actual interest income derived from a standard fixed deposit account or the interest income that would have been derived from a $100,000 fixed deposit account.
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