SERVICE
266 Points
Joined August 2008
IT IS WRONG THAT INTEREST ARISE FROM SAVINGS ACCOUNT IS TOTALLY TAX FREE. UPTO 1ST APRIL 2012 IT IS TOTALLY TAXABLE & AFTER 1ST APRIL 2012 IT IS TAX FREE UPTO RS. 10000.00. ON THE OTHER HAND TOTAL INTEREST PAID ( AGGREGRATE AMOUNT OF INTEREST FROM FD & SAVINGS IN ONE YEAR) BY BANK IF EXCEEDS RS. 10,000.00 THEN BANK DEDUCT INTEREST @ 10% ON SUCH AMOUNT.IT IS MORE REASONABLE AFTER 1ST APRIL 2012, BECAUSE BANK DEDUCT INTEREST ONLY ON TAXABLE INCOME.OF ONE PERSONS IF THEY HAVE NOT ANY OTHER INCOME THAN INTEREST INCOME.