Saving account interest and fd interest

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 November 2014 Hello Everybody,

The saving deposit interest and the FD interest are considered in the same section for the income tax, i mean only 10,000 is the limit for both ?

Regards,
Chirag

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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18 November 2014 ans is yes limit is 10,000 in case of fd int and saving int is not exempted if its more then 10,000 as per sec 80TTA and taxable as and when recieved.

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CA Parul Saxena

CA Parul Saxena (Expert)
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18 November 2014 Rs.10000 limit is for Banks for TDS deduction for both type of interest.
Saving interest is exempted upto Rs.10000 no tax is to be paid.
FD interest suppose Rs.8000 is not exempted from tax you have to pay tax if your other income is exceeding the taxable limit.But bank will not deduct tds as it is below Rs.10000

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