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Savings Account

(Querist) 11 March 2008 This query is : Resolved 
Hi,

My surname has changed after marriage.

I had a PAN No in my name and have a bank account.

Since i was not working -i did not file any returns.

After marriage my surname changed and i got a new pan no.

i have a savings account in my name begore my marriage-i keep depositing money in it.
Can you please let me know the tax libality for teh same.
P.V.Poornima (Expert) 14 March 2008
After the removal of Section 80L of the Income Tax Act, interest income from any source including savings account, is subject to tax. As per existing rules, as long as the combined interest income that you earn, on any savings accounts or fixed deposits, at a single bank branch, is less than Rs 10,000 there will be no tax deducted at source.

If you want to better manage your cash flow and do not want tax to be deducted at source you could consider spreading your deposits across multiple bank branches, even if they are of the same bank.
SANJAY DIXIT (Expert) 25 July 2008
If your income is below the taxable limit, you are exempted from the tax liability.
G. ARAVINTHAN (Expert) 17 September 2008
No problem in accessing your Savings account as your surname only changed and not the whole name. You can give a letter to the Manager of the Bank regarding the change in Surname after marriage


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