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Q.

Is income tax/TDS applies on saving bank interest?

Tags: money, tds, saving bank
Asked by tapan, 19 Nov '12 11:24 am
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Answers (6)

1.

Yes, if its more than 10,000 interest income per annum then its taxable!!
Answered by dharamender nebhnani, 19 Nov '12 11:29 am

 
  
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2.

IT is applicable with certain conditions
Answered by Karan Sehgal, 20 Nov '12 06:36 pm

 
  
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3.

Yes, it does.
Answered by Burjor Tarachand, 19 Nov '12 12:23 pm

 
  
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4.

Interest earned from Bank deposits are added to gross total income and may be liable to tax if the taxable income is above the permissible limit. If interest income from a specific branch of a bank exceeds Rs 10000/- in a financial years then TDS will be applicable. Only interest income not considered for TDS is interest on Recurring Deposit (though interest from RD is also taxable, the provision of TDS does not apply to it). If your interest income from savings, term deposit etc are more than Rs 10000/- and you do not want the tax to be deducted at source a) because your total taxable income is estimated to be below the taxable level - then you can issue form 15 G or form 15H as applicable in your specific case based on which bank will not deduct tax at sources. b) If your total income is going to be taxable but do not want TDS to be applied to your income from interest then spread your deposit in multiple account in different branches of either same bank or in different bank in such ...more
Answered by Shyam, 19 Nov '12 11:46 am

 
  
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5.

Yes it does , in mean the income tax, and tds is applicable if the interest is more than rupees ten thousand in a financial year
Answered by rajan, 19 Nov '12 11:28 am

 
  
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6.

Yes any income to a person is subject to income tax
If it crosses ten thousand , we have to pay income tax
First ten thousand is no tax
Answered by sigma, 19 Nov '12 11:27 am

 
  
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