1 month ago
State Bank of India Chairman Dinesh Kumar Khara is batting for tax relief on interest income in the forthcoming Union Budget – something all bankers, hand on heart, would love to see when growth in banks’ credit is outpacing the growth in deposits, for many.
Currently, banks need to deduct tax – popularly known as tax deducted at source, or TDS – when one’s interest income on deposits held exceeds Rs 40,000 a year. For savings accounts, up to Rs 10,000 interest earned is exempted from tax.
“If at all some relief could be given in the Budget regarding
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