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Interest on Savings Bank Account

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(Querist)
07 April 2010 I want to know Interest on Savings Bank Account is Taxable or not? and whether the interest received is eligible for deduction of TDS or not?

Thanks
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Shyam Lal Naik

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Shyam Lal Naik (Expert)
07 April 2010 Taxable.

Interest, if exceeds, Rs. 10,000/-, TDS applicable.
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
07 April 2010
Yes, Interest on Saving Bank account is taxable under the head Income from other sources.
Yes , Interst recd is eligible for deduction of TDS,if interest recd is more than Rs.10000/-
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
07 April 2010 AGREE
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CA.Nikhil Gupta

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CA.Nikhil Gupta (Expert)
07 April 2010 agree
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CA Gangadhar Mishra

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CA Gangadhar Mishra (Expert)
07 April 2010 sb int is taxable, TDS applicable if int exceeds 10000/- pa , but practically, most of the banks does not deduct tax on SB int. the assessee has to takecare of the tax effects.
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
07 April 2010 AGREE WITH EXPERT
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
07 April 2010 Agree Taxable
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
08 April 2010 AGREE, TAXABLE
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