Hi Ankur. Thanks for this post. Very helpful. I’m working outside India and it’s been quite long since I last bothered about tax. Especially because I’m in Dubai where there’s no tax. Requesting you to make a post for people like me if you think I should still worry about tax because I may have some investments in India and income out of them. Just interested how to go about it.
Hey Ankush, last decade i used to file tax based on the Income but this year i am pursuing my Masters, do you suggest to file tax based on minimal income through interest, bonds maturity, FD maturities? Certainly 80G, 80D and NPS i am continuing despite non-employ category.
80TTA is not really a deduction. The interest from SB account is added as "Income from other sources" and if this amount is less than 10k per year then it gets subtracted from gross income. Net effect =0
Hi Ankur. Thanks for this post. Very helpful. I’m working outside India and it’s been quite long since I last bothered about tax. Especially because I’m in Dubai where there’s no tax. Requesting you to make a post for people like me if you think I should still worry about tax because I may have some investments in India and income out of them. Just interested how to go about it.
Hey Ankush, last decade i used to file tax based on the Income but this year i am pursuing my Masters, do you suggest to file tax based on minimal income through interest, bonds maturity, FD maturities? Certainly 80G, 80D and NPS i am continuing despite non-employ category.
80TTA is not really a deduction. The interest from SB account is added as "Income from other sources" and if this amount is less than 10k per year then it gets subtracted from gross income. Net effect =0
It’s an additional income. So technically it gets added to your taxable income. But under section 80TTA, you can get a deduction up to Rs. 10,000.
So if you earn an interest of Rs. 15,000 then 10,000 will not be taxed. You’ll have to pay tax on Rs. 5,000.
Hope that helps.
Yeah agree. I guess, the tax on additional 5k (above 10k) will be deducted at source (wherever one has his/her savings account).