How much money can I deposit in my savings account in one financial year so that there is no income tax problem?

How much money can I deposit in my savings account in one financial year so that there is no income tax problem?

Interest on savings is exempt up to Rs. 10000. However income up to Rs. 250000 is exempt. So if your total income including Rs. 10000 from savings account is Rs. 260000 there will be no income tax. Or if there is no other income and all the income is from savings interest even then there will be no tax. However the bank will deduct tax TDS which you can claim as refund by filing return. Or you may submit form 15 and request for no deduction as your income will be below taxable limit.


Visit HireCA.com Now