https://www.desidime.com/discussions/is-saving-account-interest-taxable?page=1#post_9069326
Yes, with 10k exempt under 80TTA
Is Saving Account interest Taxable?
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Today earned a quarterly interest of Rs.65k on savings account.
Is that Taxable?
Is that Taxable?
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https://www.desidime.com/discussions/is-saving-account-interest-taxable?page=1#post_9069621
If you opt old regime, Rs.10000 is exempt under 80TTA and Rs.55000 will be added to your income as income from other sources. If you opt new regime, Rs.65000 is added to your income and fully taxable as there is no deduction available.
https://www.desidime.com/discussions/is-saving-account-interest-taxable?page=1#post_9069852
As others mentioned, old regime has 10K exemption but in a financial year.
Mind letting us know for having huge amount in savings account if comfortable?
Just a suggestion - I don’t know the situation but maybe put in tax saving fd for atleast 3 years or if you have a home loan in over draft option which might be better.
https://www.desidime.com/discussions/is-saving-account-interest-taxable?page=1#post_9070086
Random123 wrote:As others mentioned, old regime has 10K exemption but in a financial year.
Mind letting us know for having huge amount in savings account if comfortable?
Just a suggestion - I don’t know the situation but maybe put in tax saving fd for atleast 3 years or if you have a home loan in over draft option which might be better.
Tax saving fixed deposits are eligible for 80c deduction and comes with 5 year lockin period. But interest is taxable
https://www.desidime.com/discussions/is-saving-account-interest-taxable?page=1#post_9070256
Random123 wrote:Tax savings FD have lockin period of 5 years not 3.As others mentioned, old regime has 10K exemption but in a financial year.
Mind letting us know for having huge amount in savings account if comfortable?
Just a suggestion - I don’t know the situation but maybe put in tax saving fd for atleast 3 years or if you have a home loan in over draft option which might be better.
Many people keep in Savings Ac - many reasons like they are not comfortable with risks in Investments or having money locked up in FD
https://www.desidime.com/discussions/is-saving-account-interest-taxable?page=1#post_9070355
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Neo53 wrote:
Tax savings FD have lockin period of 5 years not 3.
Many people keep in Savings Ac - many reasons like they are not comfortable with risks in Investments or having money locked up in FD
Oh sorry thanks for correcting was thinking of ELSS which has 3 year lock in.
Yes I understand the risks with investments and that is why was just suggesting for FD or OD if applicable and comfortable
https://www.desidime.com/discussions/is-saving-account-interest-taxable?page=1#post_9070371
Random123 wrote:As others mentioned, old regime has 10K exemption but in a financial year.
Mind letting us know for having huge amount in savings account if comfortable?
Just a suggestion - I don’t know the situation but maybe put in tax saving fd for atleast 3 years or if you have a home loan in over draft option which might be better.
Is not the interest earned in tax saving FD taxable?
https://www.desidime.com/discussions/is-saving-account-interest-taxable?page=1#post_9070382
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Random123 wrote:Oh sorry thanks for correcting was thinking of ELSS which has 3 year lock in.
Yes I understand the risks with investments and that is why was just suggesting for FD or OD if applicable and comfortable
Can I claim interest rate earned from Tax saving FD for consecutive Financial years?
https://www.desidime.com/discussions/is-saving-account-interest-taxable?page=1#post_9070523
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Ramushamu23 wrote:Is not the interest earned in tax saving FD taxable?
Thanks now that I read fd is not beneficial option. Looks like think only principal can be tax exempted under section 80c but will let others confirm . sorry for the confusion
https://www.desidime.com/discussions/is-saving-account-interest-taxable?page=1#post_9157594
I have one query :
If an Individual Age 38 Years
Total annual salaried non taxable Income is 4 Lac
Total Interest income From Term FD is 39999/- annual from All banks
Then in which column of ITR1, that particular Income from FD Interest 39999/- needs to be declared ?
Is that 80TTA column or need to add in Income from Salary head coloum or Income from others/ Source column or somewhere else ?
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Yes, with 10k exempt under 80TTA