Is saving account interest amount taxable ?

For FY 12-13 if the interest gained from saving account is less than Rs 10000 , then per the new rules the banks do not cut TDS.

My question is do the individuals still need to declare it as source of income under rule 26b, if the amount is less than Rs 10000. and is this amount taxable for your tax computation

Thanks

Replies (6)

Yes amount to be added while calculating your taxable income.

 

Thanks!!

SB interest is taxable but deduction under section 80TTA is also available upto 10,000/-. There is no TDS on SB interest.

yes dear u have to add the saving bank interest as income from other sources

den deduction u/s 80 TTA  is available upto 10000

Deduction u/s 80TTA is available for SB interest upto Rs.10000 per annum.Since it is a deduction(instead of exemption) first you have to add it to Gross Total Income and then claim this deduction to arrive at Net Total Income.

While computing the income u have to  consider  the interest  received as income simultaneously u can have dedcution  u/s 80TTA upto 10,000pa

deduction is available u/s 80TTA upto 10,000/- p.a.

 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
15 September 2026
Client-site CA associate

Aditya Muley and Co

Mumbai

CA

View Details
Company
ARTICLESHIP 29 August 2026
Article Assistant

RRPM & ASSOCIATES LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 07 September 2026
CA Articles

Kothari Jain Patil & Chartered Accountants

Pune

CA Inter

View Details
Company
ARTICLESHIP 18 September 2026
Industrial Trainee

Twenty Point Nine Five Ventures Private Limited

Noida

CA Inter

View Details
Company
ARTICLESHIP 26 August 2026
Article Assistant

ANIVESH CONSULTANTS LLP

Gurgaon

CA Inter

View Details
Company
ARTICLESHIP 01 September 2026
Article Assistant

SGNG & Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 26 August 2026
CA Article Assistant/CA Drop Out/Accounts Executive

PARV & Co.

New Delhi

CA Inter

View Details
Company
16 September 2026
Internal Audit - Team Lead

Consulting & Beyond

Chennai

CA

View Details