Tax on interest accrued on savings a/c

Amount in excess of 10K will be taxable as income from other source

Sec 80TTA, Interest on Saving bank accounts is deductible upto Rs 10000 (FD is not included here). Rest is taxable as other sourse income.

BUT IF TAXABLE SLAB IS 20% OR MORE & THE BANK HAS CUT TDS ON 10%, IT IS OUR RESPONSIBILITY TO PAY SELF ASSESSEMENT TAX FOR BOTH FD & SAVING BANK

U/S TTA DEDUCTION AVAILABLE UPTO 10000 FOR SAVING BANK INTERST & FD ARE TAXABLE IF INTEREST ON SAME GOES BEYOND 10000 IN A FINANCIAL YEAR

thanks for your prompt response

GR Babu

 Int. on SB a/c  firstly will be included in Income from others sources to find out gross total income . Then  u/s 80 TTA , if  amt of int.> 10,000/- , Rs. 10,000/- will be rebate from Gross income and excess of 10,000/- will be charged for i-tax @ 10% . In case of Int. on FD/RD , there is no rebate , full amt. will be added in Income from other source.

Sudhir Saha