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Interest on saving bank account

This query is : Resolved 
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(Querist)
04 July 2012 is the int on saving account taxable??

is there any exemption limit??

under which section it is taxable???

thanks in advance..
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C.A Anshul Singhal

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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.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
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.
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CA CS Amit S. Kedia

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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.
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tanay

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tanay (Querist)
05 July 2012 thanks to Mr. Siddhartha and CA Amit S.
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