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Saving account interest received is tax free or not.?


Saving account interest received is tax free or not.?

IN INDIA- Till last year the interest on S.B was treated as Sec.80L and was allowed as exemption till certain limit. From this year the same section has been removed. So the interest earned on S.B A/c is now taxable from this year. (Financial year 2005-06 /assessment year 2006-07)
lagta hia ji
In the UK, banks usually deduct basic rate tax from interest before giving it to you. If you are a higher rate tax payer, you have to declare interest received, and tax paid so far on your tax return, so that the balance of tax due can be recovered.
No. It is not tax free. You will receive a 1099 from the bank on or about the 1st week in February telling you how much interest to report on your taxes. They also send the data to the IRS.
no it is not, you have to pay for it, but only not if you are senior citizen
Sorry but you have to claim it only your income taxes.
From this year no. After 10,000 all interest are taxable to the best of knowledge
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