How is the interest on my savings account taxed?
Interest on
savings account is taxable as per Income tax slab rates applicable to the
investor. However, under section 80TTA, interest up to ₹10000 earned from all
savings bank account is exempt from tax. This is also applicable to savings
bank account, post office or co-operative banks. This deduction is available
only to individual and HUF.
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Is TDS deducted on my savings account interest?
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If the interest earned from these sources exceeds Rs.10000, then the extra amount will be taxable. For example: If Sunil earns Rs.7000 from his saving accounts, he does not need to pay tax on it, as it is less than ₹10,000. But if he earned Rs.12,000 ...
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Any interest income received from saving bank account, FD/RD, income tax refund or any other mode. You can avail the benefit of Rs 10,000 U/S 80TTA from saving bank interest if age is below 60. If you are a senior citizen u can avail the benefit of ...
How is interest on corporate bonds of public and private companies taxed?
Interest on corporate bonds is taxable on accrual basis at slab rates. Since these are dematerialised and listed, there is no TDS and there is a possibility of capital gains arising from sale of the bonds which is taxed as per capital gains tax ...
What are the sources of interest income which should be reported in the Income tax return?
Investments like fixed deposits, savings account, post office schemes, recurring deposits earn interest income, which should be reported in one's income tax return.