Interest on Savings Account

Tax Glossary Definition

Interest on Savings Account

Interest on Savings Account – Earnings credited by banks on savings account balances, taxable under the head “Income from Other Sources,” subject to deductions under Section 80TTA (up to ₹10,000 for individuals). Example: ₹10,000 interest credited in a savings account during the financial year is taxable, but can be partially exempt under Section 80TTA.

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