Explained: How is interest from savings account taxed?2 min read . Updated: 24 Jan 2023, 11:36 AM IST
- if your interest from saving account sums more than ₹10,000 during a financial year, then you are viable for tax.
Savings accounts are accounts which is held by every individual. The more the amount of savings, more the interest a person gets. Individual often have multiple saving accounts, so the interest achieved on the saved money is much higher.
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