do we have to pay income tax in savings bank account …does turnover is counted in calculating income tax?
i have and icici bank savings account …which i actually use for some business transactions …in week 70000 to 80000 thousand rupess or in a month …does total turnover in a year is counted in order to calculate income tax is there any limit of transaction in savings account … do we have to pay income tax i savings account pls tell me very confused
The SB A/c interest will be added to your income. From this year you have to pay income tax only on the income exceeding Rs.10,000. (Bank SB Interest is tax free up to Rs.10,000 from this year).
Regarding the turnover in the SB, no tax on SB turnover. You have to file your returns for your business transactions and you have to pay tax if you have earned more than tax free limit (Rs.2 lakhs tax free)
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