Int on saving bank

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rishabh

rishabh (Querist)
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20 November 2014 my cousin is earning int on saving bank 13000 inr, is he liable to pay tax. should he file ROI...???

P V Ram

P V Ram (Expert)
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20 November 2014 Interest on savings account is exempt u/s. 80TTA upto Rs. 10,000. In case an individual does not have taxable income, then he can give form 15H to the bank, so that the bank will not make TDS.

Beyond Rs. 10000, interest is to be included in taxable income and the applicable provisions of taxable income are to be considered to ascertain tax liability.

for ROI filing, taxable income limits and provisions are to be considered.

Thanks!