Tax can also be on higher income and can also be on the interest you get from the bank. The bank gives a fixed percentage of interest on depositing money in a fixed period. This interest can be fixed or floating depending on the market and bank policy.
Savings Account and Internet Banking: At present, almost every person has a savings account in the bank. You can use the facility of internet banking by linking your savings account with UPI.
Earning Interest: You can keep your money safely in the savings account and the bank also provides you interest on it, thereby ensuring your additional livelihood.
Limit on the amount of money that can be deposited in the savings account: Most of the banks do not put any kind of limit on the amount that you can deposit in the savings account. However, if you deposit more than a specific amount, you may be liable to pay tax on it.
Income Tax Rules and Details: When you file ITR, you have to provide the income tax department with the details of the money deposited in your savings account. The interest you get on your deposited money is added to your annual livelihood.
Latest Update: If you keep Rs 10 lakh or more in your savings account in a financial year, you should report it to the Income Tax Department. Failure to do so may result in charges of tax evasion.
Overall, a savings account provides a safe way to store your hard-earned money, but it is also important to understand the tax treatment of the interest earned and the money deposited.
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