4 Tax Tricks to Handle Savings Deposits

By SiliconIndia   |   Monday, April 9, 2012   |    2 Comments
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Bangalore: The new financial year 2012-13 has bought several changes on the tax front eventually due to changes in tax laws. Like the Union Budget has proposed there should be a deduction available on the interest for savings bank account. Such tax laws have the potential to save a big amount of relief on the procedural front. So it is necessary to keep an eye on such features to get a good benefit.

1. Just Savings Deposits

The primary benefit of this deduction is that this will not be available for time deposits. So as per this deduction scheme, your fixed deposit interest with the various banks will not be covered. Even the recurring deposit interest will not be a benefitted under this deduction. As only your interest on savings account will get benefitted, make sure to use it well.

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Reader's comments(2)
1: Ridiculous title. Most of the information is not "tricks" but details or features of the tax exemption provision. Actually banks were not deducting tax on savings bank interest till now. This "exemption" may lead to TDS on savings bank interest above Rs.10,000 per year. A neat trick by government.
Posted by:Venkatram - 13 Apr, 2012
2: The Budget has already made holes in our pocket. These tricks won't help.
Posted by:Chetan - 09 Apr, 2012
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