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Interest treatment on saving account

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Querist : Anonymous

Querist : Anonymous (Querist)

21 July 2013 hi,
i comes in 30% income slab
I recieved interest of rs. 8500 on my bank a/c.
Is it taxable or i can get benifit of under 80 TTA.
Or should i consider it as income from other source and pay 30% tax on it.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

21 July 2013 Interest from saving account is taxable under Income from other sources. but you also can claim the deduction u/s.80TTA up to Rs.10000

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Ganeshbabu K

Ganeshbabu K (Expert)

21 July 2013 As your income from saving bank account is less than Rs.10,000 there would be no effect on your final tax liablity as we can claim the same as a deduction under section 80TTA

Thanks & regards
Ganesh babu k

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