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if saving account intrest is more than 10000 then tax is deduct my money?

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  • if saving account intrest is more than 10000 then tax is deduct my money?


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Answer #1 | 17/12 2013 02:42
No, TDS is not applicable to Interest from savings account even it is more than Rs.10000/- p.a.
Answer #2 | 17/12 2013 08:22
There is no TDS on S.B A/c interest. It is not like FD interest where the banks will deduct TDS if the FD interest is more than Rs.10,000. Suppose if you earn an interest of say Rs.25,000 on SB A/c. For the purpose of tax calculations out of Rs.25,000 SB interest you can claim Rs.10,000 as tax free deduction and on the balance Rs.15,000 you have to pay tax as per your slab rates.
Answer #3 | 19/12 2013 09:13
No TDS on interest paid by back on saving account but that interest is taxable under head income from other sources. Also add per section 80TTA deduction of Rs 10000 on saving interest is allowed. http://www.taxfaq.in/rate-of-tds-on-interest-income.html http://www.taxfaq.in/income-tax-deduction-on-interest-on-saving-bank-account-section-80tta-of-income-tax-act.html

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