Savings bank and recurring deposit interest
This query is : Resolved
24 September 2013
Dear Sir,
Is the interest earned on a Savings Bank Deposit or Recurring Deposit in Schedeuled Commercial Banks/Cooperative Bank/Post Office, taxable, under IT Act?
Are there any ceilings in this regard?
What is the position if the deposit in question is an NRO (Non Resident Ordinary) deposit ( the deposits opened by NRIs to deposit local Indian Income, like rent, interest,dividend on investments,Agri Income etc.,) ?
Is the interest earned on a Savings Bank Deposit or Recurring Deposit in Schedeuled Commercial Banks/Cooperative Bank/Post Office, taxable, under IT Act?
Are there any ceilings in this regard?
What is the position if the deposit in question is an NRO (Non Resident Ordinary) deposit ( the deposits opened by NRIs to deposit local Indian Income, like rent, interest,dividend on investments,Agri Income etc.,) ?
24 September 2013
it is taxable as income from other sources.
24 September 2013
In the case of individual and HUF assessees, exemption for interest on savings bank account's maintained with bank and post office can be claimed vide section 80TTA.
The exemption limit is :-
i) the actual interest if less than Rs. 10,000/-
ii) if more than Rs. 10,000/-, exemption is limited to Rs. 10,000/-
The exemption limit is :-
i) the actual interest if less than Rs. 10,000/-
ii) if more than Rs. 10,000/-, exemption is limited to Rs. 10,000/-
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24 September 2013
Int from recurring or any deposits other then savings a/c is not allowed for availing sec 80TTA benefit.
24 September 2013
Agree with the above experts.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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