Savings Account Interest

Yes Saving Bank Interst is Taxable and is also allowable for Expetion u/s 80C

Originally posted by : jay prakash heerwal
	Yes Saving Bank Interst is Taxable and is also allowable for Expetion u/s 80C

It is TAxable but many people dont show it in their return and Department is less concerned regarding evasion of interest u/s 80L

yes fully taxable if you have saving account with bank, incase if you have savings account with post office, then Rs.3500/- is exempted from tax as per notification no:32 dated 03/06/2011

- ashok

I have shown bank saving a/c interest ( around 2500 INR) as interest in return of 2011-12.   since I m  a salaried person, and TDS is deducted from my salary.

How to pay remaining Incom tax  around INR 200/-  ( arised due to bank interest) now.