rohit (student) (54 Points)
21 June 2013
sir the query is this .. if i hav sum amount example rs. 1lakh in my savings account so what will be the interest i receive on tht n can the interest be withdrawn evry month ??
and how much will be the amount taxable on the interest ??
and what are all the necessary form's we need to file for this ??
CA. Ritu Agarwal
(CEO)
(52 Points)
Replied 21 June 2013
Normally, saving account interest rates vary from 3% to 7% p.a. depending on the bank where you maintain your saving account. The amount of interest is credited quarterly to your account.
Saving account interest is exempted from taxation u/s 80TTA upto certain limit specified in the section.
No form required to be filed if your interest income in below Rs. 10000/-
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