Tax liability on savings bank account
This query is : Resolved
17 December 2012
what is the tax liability on interest on savings bank account ?
17 December 2012
From AY 2013-14 Rs 10000/- deduction is available form Saving Bank Interest u/s 80TTA.
Section 80TTA has been introduced from this Financial Year [2012-13] and it allows to an Individual or HUF from his gross total income if it includes any income by way of interest on deposits (not being time deposits) in a savings account a deduction amounting to :
(i) in a case where the amount of such income does not exceed in the aggregate ten thousand rupees, the whole of such amount; and
(ii) in any other case, ten thousand rupees.
If such savings account is maintained in a
(a) banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act);
(b) co-operative society engaged in carrying on the business of banking (including a cooperative land mortgage bank or a co-operative land development bank); or
(c) Post Office as defined in clause (k) of section 2 of the Indian Post Office Act, 1898 (6 of 1898),
For this section, “time deposits” means the deposits repayable on expiry of fixed periods.
Section 80TTA has been introduced from this Financial Year [2012-13] and it allows to an Individual or HUF from his gross total income if it includes any income by way of interest on deposits (not being time deposits) in a savings account a deduction amounting to :
(i) in a case where the amount of such income does not exceed in the aggregate ten thousand rupees, the whole of such amount; and
(ii) in any other case, ten thousand rupees.
If such savings account is maintained in a
(a) banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act);
(b) co-operative society engaged in carrying on the business of banking (including a cooperative land mortgage bank or a co-operative land development bank); or
(c) Post Office as defined in clause (k) of section 2 of the Indian Post Office Act, 1898 (6 of 1898),
For this section, “time deposits” means the deposits repayable on expiry of fixed periods.
17 December 2012
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