07 April 2010
I want to know Interest on Savings Bank Account is Taxable or not? and whether the interest received is eligible for deduction of TDS or not?
07 April 2010
Yes, Interest on Saving Bank account is taxable under the head Income from other sources. Yes , Interst recd is eligible for deduction of TDS,if interest recd is more than Rs.10000/-
07 April 2010
sb int is taxable, TDS applicable if int exceeds 10000/- pa , but practically, most of the banks does not deduct tax on SB int. the assessee has to takecare of the tax effects.
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