Manmeet , cs

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Manmeet Raj (Querist)
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22 March 2015 what is difference between tax on interest of saving account and tax on interest of FD account ... please elucidate

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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22 March 2015 In saving account you get lesser interest (4% in Most Banks). In Fixed Deposit rate of Interest is higher.

Deduction upto a maximum of Rs 10000/- can be claimed u/s 80TTA for interest on Saving Bank Account. This deduction is not available for Interest on FD.

TDS is not required to be deducted on Interest on Saving bank A/c. But TDS is required to be deducted on Interest on FD u/s 194A if interest is more than Rs 10000/-.

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