FOR "BUDGET LINE" PAGE

Sir,

 

Herewith my views and photo for favour of publication in "Budget Line" page.

 

Thanking you,

R.DINESH.

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FOR "BUDGET LINE" PAGE

 

 TOTALLY SCRAP TDS ON BANK INTEREST

 

Interest rates on bank deposits have fallen drastically adversely hitting returns to depositors.  Some foreign banks operating in India have lowered their rate to mere 5 per cent per annum.   State Bank of India offers 7 per cent, while some nationalised banks 6.5 per cent.   News has come in that further reduction cannot be ruled out if Government forces banks to cut their lending interest rates.   Just imagine the plight of people saving in banks for future security like sons' education, daughters' marriage, land purchase or house construction, not to speak about medical or living expenses as they grow old.   Senior citizens depending on bank interest are already facing hard times.  The least that Finance Minister should do now is to totally withdraw Tax Deduction at Source (TDS) on bank interest.  TDS is no longer relevant.   Bank managers complain that they are burdened with more paper work.  The time and effort spent by all concerned to comply with TDS requirements are so unproductive that the overall cost of collection is more than the collected tax itself!   TDS limits people's interest to save in banks despite low interest-rates.  This may encourage people to fall into the clutches of unsafe investments.

 

-- R. Dinesh, Managing Partner, Hope Park Hotels and Resorts, Kotagiri – 643 217

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About me:

 

I hold Post graduation in Management from UK and in International Business from USA.   I am Managing Partner of Hope Park Hotels and Resorts in Kotagiri in Nilgiris district.

 

Address for communication:

 

R. Dinesh,

Managing Partner,

Hope Park Hotels and Resorts,

Hope Park, Kotagiri-643 217.