There is every reason to have a relook on the TDS on Bank Interest. TDS on Bank Interest adversely affects the Senior Citizens who are generally risk averse and small depositors of Rural/Semi Urban area who do not have the expertise to invest in other instruments like Shares, ULIPs, Stocks etc. If tax on Bank Interest cannot be done away with, Governemnt should at least have a separate exemption limit for Bank Interest and TDS exemption limit of RS.2 lakh for Bank/PO Interest. The procedure of submitting waiver form can be dispensed with. Government should appreciate that Bank Deposits are the main source of National Development through Educational Loans, Housing Loans, SSI Loans etc.
R.Krishna Moorthi
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