Monday, September 3, 2018
by
Indian Real Estate News
A deduction under Section 80 TTA up to Rs 10,000 can be claimed against savings account interest, which means that any interest income on savings bank account over and above Rs 10,000 will become taxable.
The interest earned on saving accounts is taxable under the head 'income from other sources'. However, a deduction under Section 80 TTA up to Rs 10,000 can be claimed against savings account interest, which means that any interest income on savings bank account over and above Rs 10,000 will become taxable.
Further, your bank statements reflect the interest earned on savings bank account on quarterly or half year basis, which can be used as a documentary proof. Alternatively, you can also obtain interest certificates from the respective banks which reflect the interest earned by you on your savings bank account on a yearly basis.
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