Interest from bank savings account is taxable, even though there is no tax deduction at source (TDS). The good news is that since 2012-13 under Section 80TTA interest up to Rs10,000 in one financial year is exempt from tax. It means that if you have an average balance of Rs2.5 lakh in your savings account during a financial year (on which most banks give interest @4% pa), the interest would be tax free. This average would be lower, if you had savings account with banks offering higher interest rates. Yes Bank offers 6% for balances up to Rs1 lakh and 7% for balances above Rs1 lakh. You can avoid the minimum balance requirement of Rs10,000 for Yes Bank Savings Advantage account by opening an FD of Rs50,000.
Subscribe to:
Post Comments (Atom)
Requirement to dematerialize shares of private limited companies
The Ministry of Corporate Affairs in October 2023 had mandated private companies and their shareholders to dematerialize their shareholding...
-
Particulars in Part 1 and Part 2 of Step-2 of registration form are required to be exactly the same as reported in the TDS statement. Plea...
-
1. Introduction: Every trust/charitable society/ NGO that wishes to claim the tax exemption benefits has to file Form 10A to seek fresh re...
-
LEASE-DEED (A brief Introduction) Lease defined. A lease of immovable property is a transfer of a right to enjoy such property, mad...
-
NECESSITY : Sometimes, in view of the expansion of the business, multiple increase in turnover and need for getting finances from the ...
-
· Mumbai ITAT in the case of Mukesh Harilal Mehta held that Exemption U/S 54 cannot be denied merely due to mistake by the developer.
-
Filing income tax returns (ITR) within the specified timelines under the Income-tax Act is not just a legal obligation but also crucial fo...
-
Earlier this year, the Mauritius Government approved the amendment to the India – Mauritius tax treaty, aligning it with the proposal of th...
-
This Tax Alert summarizes a recent instruction issued by the SEZ Division, Department of Commerce, clarifying various concerns relating t...
-
This Tax Alert summarizes a recent judgement of the Delhi High Court (HC) [1] dealing with the issue of denial of input tax credit (ITC) ...
-
Slump sale is transfer of one or more business undertakings for a lump sum consideration, without assigning individual values to the each...
No comments:
Post a Comment