.......One suggestion from the banks is that interest income from bank deposits should be subject to indexation benefit. In other words, tax would be paid only on the real returns above the rate of inflation. Speaking to TOI, a senior banker said that going forward mobilizing deposits to fund growth could be a challenge. Banks are facing competition from fixed maturity plans of mutual funds, government small saving schemes and taxfree bonds of financial institutions. “For tax payers, it does not make sense to maintain fixed deposits which attract tax........
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