The countries top bankers sought a reduced lock-in period of 3 years for tax saving deposits, insted of 5 year at present, to chanalise more funds into the banking sector. Bankers also pitched for permission to issue tax-free bonds, like other financial institutions do, for raising funds and augmenting business because banks have good distribution system and can finance infrastructure projects.
Among other demands cheif executives and representatives of 22 Banks and financial institutions sought an increase in the TDS (Tax Deducted at Source) limit on Fixed Deposit to Rs.25,000 on interest earned as against the present cap of Rs.10,000 and also argued in favour of tax exemption of Rs.20,000 under section 80CCF for investing in infrastructure tax-free bonds and suggested inclusion of Housing Sector in the infrastructure segment.
SBI Chairman Pratip Chaudhuri said: Either the Securities Transaction Tax(SAT) should be abolished on equity market or Commodity Transaction Tax should be impossed on commodity trading to attract investment in the Capital Market. This is because much of the money which could have been invested in the stock market is now going into the Commodity Market.
On the issue of Gold imports, Bankers viewed that since imports of the yellow metal is connected to Jewellery exports also, any efforts to reduce the inbound shipments would affect Jewellery exports.
Courtesy: THE HINDU
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| Finance Minister, P.Chidambaram |
The countries top bankers sought a reduced lock-in period of 3 years for tax saving deposits, insted of 5 year at present, to chanalise more funds into the banking sector. Bankers also pitched for permission to issue tax-free bonds, like other financial institutions do, for raising funds and augmenting business because banks have good distribution system and can finance infrastructure projects.
Among other demands cheif executives and representatives of 22 Banks and financial institutions sought an increase in the TDS (Tax Deducted at Source) limit on Fixed Deposit to Rs.25,000 on interest earned as against the present cap of Rs.10,000 and also argued in favour of tax exemption of Rs.20,000 under section 80CCF for investing in infrastructure tax-free bonds and suggested inclusion of Housing Sector in the infrastructure segment.
SBI Chairman Pratip Chaudhuri said: Either the Securities Transaction Tax(SAT) should be abolished on equity market or Commodity Transaction Tax should be impossed on commodity trading to attract investment in the Capital Market. This is because much of the money which could have been invested in the stock market is now going into the Commodity Market.
On the issue of Gold imports, Bankers viewed that since imports of the yellow metal is connected to Jewellery exports also, any efforts to reduce the inbound shipments would affect Jewellery exports.
Courtesy: THE HINDU
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