The taxable amount is on profits from interest that you receive. The amount is tax at the total income you make which has different slabs.
0-1.5 lakhs - no tax
1.5 - 3.0 lakhs - 10%
3.0 - 5.0 lakhs - 20%
5.0 lakhs %26amp; above - 30%
What is the taxable amount for Savings Bank Account in Nationalised Banks in India?
You must include interest in your income. Only point is that banks donot deduct TDS if the total interest payment in a year is below Rs. 10,000
Read http://mytaxes.in/index.php?topic=8.0
Reply:Savings bank has got nothing to do with your tax in terms of what you invest. The interest earned during the FY is taxed under the head "Other Income". Hope it has helped.
Reply:Tough Question cause I havent yet been able to save any Taxable amount!
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