Experience The NoBrokerHood Difference!

Set up a demo for the entire community

Thank You For Submitting The Form
Home / Finance / Taxes / How to Avoid Tax on Savings Account Interest?
Q.

How to Avoid Tax on Savings Account Interest?

view 86Views

4 months

Comment

1 Answers

Send
0 2024-06-26T16:47:57+00:00
⤺ Reply
Wondering “How to avoid tax on savings account interest?” During a financial year, interest from savings accounts is tax-free up to Rs 10,000. The maximum of Rs 10,000 encompasses the total interest accrued from every savings bank account that a person or HUF owns. Interest from savings bank accounts must be shown as "income from other sources" on tax forms if the total interest earned exceeds Rs 10,000.

How to Avoid Paying Tax on Savings Interest?

  • Tax-saving investment choices such as,
  1. Tax-saving fixed deposits
  2. PPF (Public Provident Fund)
  3. NSC (National Savings Certificate)
  4. Tax-saving mutual funds
can help you avoid or pay less tax as possible on the interest earned in your savings account. To further lower your taxable income, you can also think about the deductions allowed by applicable sections of the Income Tax Act, such as Section 80TTA for individuals and HUFs. You are exempt from paying tax on interest income if your total interest income is less than Rs 10,000. Having several savings accounts with interest earnings below this threshold does not, however, entitle you to tax-free interest income. The possible deduction is for the total interest generated across all of your bank accounts, not for each individual bank account. I hope this answers your query, “How do I avoid tax on savings account interest?” Pay Your Property Tax & Earn Rewards Via NoBroker Pay Read More: How to Avoid Tax Legally in India?

Shifting, House?

✔

Lowest Price Quote

✔

Safe Relocation

✔

Professional Labour

✔

Timely Pickup & Delivery
inline_cards

Intercity Shifting-Upto 25% Off

Check Prices

inline_cards

Intracity Shifting-Upto 25% Off

Check Prices

inline_cards

City Tempo-Upto 50% Off

Book Now

Most Viewed Questions

How to Download Income Certificate Online Tamil Nadu?How to calculate home loan EMI?What is MOD Charges for Home Loan?What is part period interest in SBI home loan?How to Avoid Part Period Interest in SBI Home Loan?How to check APF number online?Last 10 Years Home Loan Interest Rates in India?How to Close SBI Home Loan?How to Do Prepayment of SBI Home Loan?How to Check EPF Grievance Registration Number?See All

Recently Published Questions

What is Equitas Home Loan Review?What is Cooperative Bank Housing Loan Interest Rate?What is Home Loan Interest Rate in Kerala?What is the Home Loan Interest Rate in Ahmedabad?What is J&K Grameen Bank Home Loan Interest Rate?How to Pay IDBI Bank Home Loan EMI Online?How to check home loan eligibility in LIC?What is Kaveri Grameena Bank Home Loan Interest Rate?What is the Lowest Home Loan Interest Rates in Pune?What is Dombivli Nagari Sahakari Bank Home Loan Interest Rate?See All

Authors Of The Question

profile
Aarti

2 Total Answers


0

0

profile

Recently Answered Questions

What are the Umang Winter Hills Reviews, Sector 77, Gurugram, Delhi NCR? What are the Sethi Max Royal Reviews, Sector 76, Noida? What are the AVJ Heights Reviews, Greater Noida, Uttar Pradesh? What are the DLF Park Place Reviews, Sector 54, Gurugram? What are the Tarun Enclave Reviews, Pitampura, New Delhi? What are the Galaxy Royale Reviews, Gaur City 2, Greater Noida? What are the ABA Cherry County Reviews, Amrapali Dream Valley, Greater Noida? What are the Amrapali Zodiac Reviews, Sector 120, Noida? How to clean white kitchen cabinets? How to Clean Kitchen Granite Slab?
Flat 25% off on Home Painting
Top Quality Paints | Best Prices | Experienced Partners