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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)
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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)
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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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