Interest on saving a/c is taxable ? if exemt limit of exemption
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Is interest of saving a/c is taxable
Replies (8)
Yes interest on SB account is exempt to the extent of Rs 10000 p.a. from the taxable income.
Example 1. Taxable Amount Rs210000.00 including Interest Rs10,000.00.
Answer No need to pay any tax. Interest exempted upto Rs10,000.00 as Finance Act 2012 u/s 80TTA
Example 2. Taxable Amount Rs215000.00 including Interest Rs15,000.00.
Answer: You have to pay tax on Rs5000.00
Interest upto Rs.10,000 is exempt on saving a/c from Assessment Year 2013-14.
Interest on Savings account is exempt but only upto Rs. 10,000
Good explanation , thanks for sharing
Well thats really a New Thing for me
,, Thanx fo sharing sir,, coz i have made many returns but never took that into consideration ( I hope my clients won't see this post 
)...
Anshul Mittal dont worry this provision applicable form AY 2013-2014 not for AY 2012-2013
Yes Interest on Savings a/c expempted upto RS 10,000/-
@ Sarat Kumar - Very well explained. thanks
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