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.
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