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If my income is 18,000 and I deposit 10,000 per month in a savings account and after 5 years the amount increases to 5 lakhs, do I have to pay income tax, or does it come under the no income tax limit? - Hire CA : Knowledgebase
If my income is 18,000 and I deposit 10,000 per month in a savings account and after 5 years the amount increases to 5 lakhs, do I have to pay income tax, or does it come under the no income tax limit?
If my income is 18,000 and I deposit 10,000 per month in a savings account and after 5 years the amount increases to 5 lakhs, do I have to pay income tax, or does it come under the no income tax limit?
It is practically impossible to save 55% of you income every month continuously for 5 years.
However considering your scenario, at the end of 5 years you would be having around 6.6 lakhs in your account assuming no withdrawals and saving bank interest is calculated at 4%.
The Total Interest earned on saving Account for the 5th year will be around around Rs. 25,000.
As per the current tax rules, This 25,000 should be treated as Income from Other Sources. You are however eligible for exemption of Rs.10000.
The Balance of 15000 will be added to your regular income and taxed as per the slab.
You may not be taxed as you total income (18000 X 12 ) + 15000 still falls within the minimum taxable income of 2.5 lakhs.
There is no TDS deducted on your Saving Account Interest even if the total interest amount exceeds 10000. In other words, Banks deduct TDS on your Fixed / Recurring Deposits Interest but not in your Saving Account Interest.
