Interest on saving bank account

This query is : Resolved

tanay (Querist)
Follow

04 July 2012 is the int on saving account taxable??

is there any exemption limit??

under which section it is taxable???

thanks in advance..

C.A Anshul Singhal

C.A Anshul Singhal (Expert)
Follow

04 July 2012 No, the interest earned on savings account is exempted from TDS under Section 194 A of Income Tax Act. However, interest income from fixed deposit is liable for TDS if the interest income is more than Rs 10,000 in a year.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

04 July 2012 Interest on saving bank account is taxable as Income from Other Sources u/s 56.

There is no exemption limit.

However for AY 13-14, deduction is available u/s 80TTA upto Rs. 10,000 to an individual or HUF.

Message likes : 1 times

Upgrade to CAclubindia Pro. Subscribe Now!