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
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.
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