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Query Details

Asked by Shubhangi on :Jun. 23, 2015

Whether interest on saving account is exempted no…

Whether interest on saving account is exempted not?

Whether interest on saving account is exempted not?

0

Chiranjibi Aug. 28, 2018

Interest on saving banks account are exempt from tax upto the specified limit of Rs 10000, under section 80TTA.

If savings bank interest is less than or equal to Rs 10000, you need not pay any tax on this income.

If your savings bank interest is more than Rs. 10000, only Rs 10000 will be added. The extra amount will be added to your total income and taxed as per your slab rates.

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