What is the taxable amount for Savings Bank Account in Nationalised Banks in India?

Question

I mean If I want to save some amount in my SB Account, what is the maximum amount I can keep in the bank which is not taxable.

Answer 1

The taxable amount is on profits from interest that you receive. The amount is tax at the total income you make which has different slabs.

0-1.5 lakhs - no tax

1.5 - 3.0 lakhs - 10%

3.0 - 5.0 lakhs - 20%

5.0 lakhs & above - 30%

Answer 2

Savings bank has got nothing to do with your tax in terms of what you invest. The interest earned during the FY is taxed under the head "Other Income". Hope it has helped.

Answer 3

Tough Question cause I havent yet been able to save any Taxable amount!

Answer 4

You must include interest in your income. Only point is that banks donot deduct TDS if the total interest payment in a year is below Rs. 10,000

Read http://mytaxes.in/index.php?topic=8.0