Respected sir,
Is there any limits on savings bank account balance?
what if total receipts per the PY exeeds Rs.2,50,000/-
Is there any tax implications on money receipts in Savings Bank account?
pls clarify sir ,
Thanking you.
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Savings account
Replies (3)
No such limit , but there are rules of taxation in respect of interest earned on s/b a/c. (section 80 TTA/TTB )
receipts in the nature of income if exceeds maximum amount which is not chargeable to tax , you will be liable to file ITR and offer such income for taxation.
receipts in the nature of income if exceeds maximum amount which is not chargeable to tax , you will be liable to file ITR and offer such income for taxation.
As per section 80TTA of IT Act, when the annual interest exceeds Rs. 10000, it may be taxable. For FD interest, it is Rs. 50000.
Thank you sir
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