tax on saving account money
This query is : Open
22 May 2016
how much amount can I keep in my saving account.. Any tax on it
22 May 2016
There is no restriction as to the maximum amount one can have in a saving bank account.
Saving bank Interest is also a taxable income and taxed as per your slab rate. from AY 2013-14 and onwards Under Section 80TTA is introduced to provide deduction to an individual or a Hindu undivided family in respect of interest received on deposits (not being time deposits) in a savings account held with banks, cooperative banks and post office. The deduction is restricted to Rs 10,000 or actual interest whichever is lower.
Yes there can be stipulation as to the minimum amount which you are required to maintain in your saving account either on daily basis of on average basis. This varies from bank to bank.
A word of advice in case you happen to have such huge money please do not keep this in the saving bank account for even a single day even if you may need it within a week or so.
Please invest this money in liquid funds scheme of a good mutual fund house, you will be able to get returns more than interest on saving bank account.
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
Saving bank Interest is also a taxable income and taxed as per your slab rate. from AY 2013-14 and onwards Under Section 80TTA is introduced to provide deduction to an individual or a Hindu undivided family in respect of interest received on deposits (not being time deposits) in a savings account held with banks, cooperative banks and post office. The deduction is restricted to Rs 10,000 or actual interest whichever is lower.
Yes there can be stipulation as to the minimum amount which you are required to maintain in your saving account either on daily basis of on average basis. This varies from bank to bank.
A word of advice in case you happen to have such huge money please do not keep this in the saving bank account for even a single day even if you may need it within a week or so.
Please invest this money in liquid funds scheme of a good mutual fund house, you will be able to get returns more than interest on saving bank account.
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
Message likes :
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22 May 2016
As on phone you asked about compliance query regarding bank transaction, hopefully following article will be helpful for you:
https://www.caclubindia.com/articles/understanding-of-compliance-query-of-income-tax-department-26620.asp
https://www.caclubindia.com/articles/understanding-of-compliance-query-of-income-tax-department-26620.asp
22 May 2016
Click on my THANK USER.....not yours...:P
22 May 2016
I this is bug of CA club India app that your are able to thank your self.
22 May 2016
ok.. is it neccassary to file right now. or at end of this financial year
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