MANAGEMENT

Detailed explanation-1: -Assessment Year 2021-22 has amended the above exception to provide that the period of 60 days as mentioned in (2) above shall be substituted with 120 days, if an Indian citizen or a person of Indian origin whose Total Income, other than Income from Foreign Sources, exceeds ₹ 15 lakh during the previous year.

Detailed explanation-2: -If the interest of a connected joint account and fixed deposit is more than Rs. 10, 000 per year, the primary account holder is subject to TDS. Joint account of two non-related persons is not accountable to deduction for withdrawals of up to Rs. 50, 000.

Detailed explanation-3: -If you earn interest income of up to Rs 10, 000 from a savings account, you can claim tax deduction under Section 80TTA of the IT Act. However, if this amount exceeds Rs 10, 000, it is taxable as per applicable slab rates.

Detailed explanation-4: -For a residential individual (age of 60 years or less) or HUF, interest earned upto Rs 10, 000 in a financial year is exempt from tax. The deduction is allowed on interest income earned from: savings account with a bank; savings account with a co-operative society carrying on the business of banking; or.