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Query related to tax on interest income
07-Jul-2023 (In Tax Law)
My savings account interest income for the last financial year was 16000 and my fixed deposit interest income was 30000 but my total income including all interest income is below 2.9 lakhs.
As per the current itr I have to pay no tax (getting rebate for income exceeding 2.5 lakhs).
Should my bank deduct any tax for the Savings account interest income as it is exceeding the limit of 10000.
Interest income is taxable under section 80TTA upto 10000 an exemption can be claimed. In case the interest income exceeds more than 10000 the bank will deduct tds on the entire amount in case u have not given 15H.
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Adv. Anubhav Kathuria
Delhi | 500+ Answers
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