According to reports in the Indian media, the government is likely to reverse a proposal contained in the 2005 Finance Act to abolish tax relief on bank deposit interest.
If reinstated, albeit in a more limited form, the relief would be welcomed by the nation's banking industry, which has been lobbying the Finance Minister Palaniappan Chidambaram for the continuation of tax relief on interest in order to boost saving, which has slowed in recent years as interest rates have fallen.
The Finance Act 2005 had proposed to end this deduction with effect from April 1, 2006.
Representatives of the Indian banking industry met with Chidambaram earlier this week where they also urged the Finance Minister to relax Fringe Benefit Tax on superannuation schemes and other benefits offered to employees.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment