RAISE TDS LIMITS ON BANK DEPOSITS TO RupeesONE LAKH

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There was no TDS(TAX DEDUCTION AT SOURCE) on interest earned from Bank deposits till 1993.

In 1993, then Finance Minister Dr.Manmohan Singh introduced TDS on interest earned from Bank deposits. The limit fixed was Rs.10000/- above which TDS will be attracted.Although there have been several tax amendments in the last 25 years and many governments have come and gone, no one has even thought of raising this limits

If  you take inflation and purchasing power parity (PPP) into account,then this should have been raised to at least one lakh by now(Rs.100000/-)

Advantages of raising limits

1.More deposits will come into the banks which will improve their financial stability

2.Majority of these deposits are already tax paid money.So the meagre interest they are getting  wont be subject to further erosion

3.Fixed Deposits as a savings instrument will become attractive without any increase in interest rates

 



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