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Inflation is hovering around 12 per cent. Most banks in India are giving 10-11 per cent to investors. That too, for long-term deposits. But they are meticulously taking TDS from the interest. This is not fair.

The Indian economy is in somewhat better shape because we are a nation of savers, unlike the US. Given this reality, the Finance Minister should acknowledge the effort of the people whose savings help the economy in a big way. One way this can be done is by scrapping the TDS. The authorities can consider re-imposing it later, when inflation comes down considerably.

C. S. Narayanan Ottapalam

More Stories on : Letters | Income Tax | Fixed Deposits

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