What if my interest from savings account exceeds ₹10,000?

What if my interest from savings account exceeds ₹10,000?

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 from his savings accounts, he will have to pay income tax on Rs.2000 according to his tax slab.


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