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Home / Finance / Taxes / How to Avoid Tax on Savings Account Interest?
Q.

How to Avoid Tax on Savings Account Interest?

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10 months

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0 2024-06-26T16:47:57+00:00
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?