Savings interest and mod/fd interrest
This query is : Resolved
Kausik Ghosh
(Querist)
26 May 2014
please tell me if a person is under tax regime & having multiple savings a/c how i am going to calculate the tax burden?is it sum of interest gained from all savings a/c minus Rs 10000/-?second point is whatever interest gained from savings a/c having mod/sweep facility comes under tax burden or same relaxation of rs 10000/-is available for it like normal savings interest?
Nikhil Kaushik
(Expert)
26 May 2014
you need to calculate the total interest earned and offer to tax under "income from other sources". and then claim Rs 10000 at deduction under 80TTA.
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