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vijay sai   21 August 2020

Savings account

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.


 3 Replies

Himanshu

Himanshu (Student CA Final )     21 August 2020

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.
Vijay Prakash

Vijay Prakash   21 August 2020

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.
vijay sai

vijay sai   21 August 2020

Thank you sir

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