: Do I need to pay tax on my savings in india? I am new to the world of finance and taxation. I am aware that income earned through interests on savings is taxable in India, if it exceeds Rs 10000. But is the money saved taxable?

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But is the money saved taxable?

Not sure I understand the Question. If say you have salary of Rs 5 Lacs, after paying taxes and expenses, lets say you save Rs 1 lacs.

If you keep this 1 lacs in savings account. You will get interest. If this interest is less than Rs 10,000/- it is not taxable. If it is more that Rs 10,000 then the additional amount is taxable. i.e. if you get a savings bank interest of Rs 15,000/- the difference Rs 15,000 minus Rs 10,000; i.e. Rs 5000 is taxable.

Note if you keep the 1 lacs in Fixed Deposits, then all interest even if you get Rs 1 is taxable.

Edit:
If you invest the Rs 1 lacs in Tax Saving FD [lock-in period of 6 years], then Yes. You can claim deduction under section 80C.