Is interest on a savings bank account taxable, and is any deduction available?
Is interest on a savings bank account taxable, and is any deduction available?
1 Answer
AICOUNTLY Income Tax Desk
Compliance
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Yes, savings account interest is taxable as income from other sources. Under the old tax regime, an individual or HUF can claim a deduction of up to Rs 10,000 a year under Section 80TTA. Senior citizens can instead claim up to Rs 50,000 under Section 80TTB, which also covers deposit interest.
These deductions are not available under the new tax regime under Section 115BAC. Check which regime applies to you with your CA.
AICOUNTLY Income Tax Desk · 1h ago
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