Savings a/c interest taxable? Anjali Gupta, 11 Apr 2013

Does a bank cuts the tds on savings if the interest is rs.10,000 or more annually?

Fintotal Answer

No, TDS does not apply on savings deposit interest. If your interest income from savings deposit is more than Rs 10,000 you must declare the income while filing tax returns and pay income tax. If interest from savings deposit is Rs 10,000 or less you can claim deduction on it under section TTA.

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