Saving account interest and fd interest
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 November 2014
Hello Everybody,
The saving deposit interest and the FD interest are considered in the same section for the income tax, i mean only 10,000 is the limit for both ?
Regards,
Chirag
The saving deposit interest and the FD interest are considered in the same section for the income tax, i mean only 10,000 is the limit for both ?
Regards,
Chirag
18 November 2014
ans is yes limit is 10,000 in case of fd int and saving int is not exempted if its more then 10,000 as per sec 80TTA and taxable as and when recieved.
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CA Parul Saxena
(Expert)
18 November 2014
Rs.10000 limit is for Banks for TDS deduction for both type of interest.
Saving interest is exempted upto Rs.10000 no tax is to be paid.
FD interest suppose Rs.8000 is not exempted from tax you have to pay tax if your other income is exceeding the taxable limit.But bank will not deduct tds as it is below Rs.10000
Saving interest is exempted upto Rs.10000 no tax is to be paid.
FD interest suppose Rs.8000 is not exempted from tax you have to pay tax if your other income is exceeding the taxable limit.But bank will not deduct tds as it is below Rs.10000
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Rupesh Jain
(Expert)
18 November 2014
no intt on FDR will not consider for deduction for u/s 80TTA, only saving a/c intt will be consider.
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