Interest on saving bank account
This query is : Resolved
04 July 2012
is the int on saving account taxable??
is there any exemption limit??
under which section it is taxable???
thanks in advance..
is there any exemption limit??
under which section it is taxable???
thanks in advance..
C.A Anshul Singhal
(Expert)
04 July 2012
No, the interest earned on savings account is exempted from TDS under Section 194 A of Income Tax Act. However, interest income from fixed deposit is liable for TDS if the interest income is more than Rs 10,000 in a year.
04 July 2012
Interest on saving bank account is taxable as Income from Other Sources u/s 56.
There is no exemption limit.
However for AY 13-14, deduction is available u/s 80TTA upto Rs. 10,000 to an individual or HUF.
There is no exemption limit.
However for AY 13-14, deduction is available u/s 80TTA upto Rs. 10,000 to an individual or HUF.
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CA CS Amit S. Kedia
(Expert)
04 July 2012
Agree with Mr. Siddhartha,
The query is not regarding TDS applicability on saving bank interest, it is about taxability of the same.
The query is not regarding TDS applicability on saving bank interest, it is about taxability of the same.
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