SAVINGS ACCOUNT

Your savings bank account provides you interest periodically. This income needs to be declared under Income From Other Sources. Under Section 80TTA of the Income Tax Act, interest up to `10,000 in a financial year from all your savings accounts with banks or post offices is exempt from taxation. If you have earned more than `10,000, you will get an exemption only on `10,000.

Tax Efficiency & Rating: 3/5 Returns