Re: Re: FEs are good but
by Rajesh S on Mar 30, 2010 01:31 PM
true....when you deposit 100 rs you get some 106 rs at the end of a year and you need to pay 2 rs as tax which means that you end up with 104 rs and the inflation rate being 8 rs(real inflation being much higher) you are poorer every year
Since the ruling that we need not attach TDS certificates with the IT returns, mostly employers, banks (for interest on FDs) etc do not provide TDS certificates. They (especially Banks etc) issue TDS certificates on written request. Mostly TDS certificates are issued very late say in Jun or July end creating undue tensions to the tax payers. earlier, these were being issued by end of April automatically.Will the Authorities take care
Re: TDS certificates
by iota on Mar 30, 2010 12:46 PM
If it is a Sarkari Bank they don't bother to issue you TDS certificate, you have to run after them.
Private banks like icici, citibank promptly issue TDS certificates.
Interest (say upto 10%) on FDs should be tax free to enable peace loving citizens (specially Sr and retired ones) live a happy and carefree life. FM have given lot of concessions on gambling type instruments like MFs, stocks etc but no thought to fair play instruments like FDs which are usually preferred by honest people.
Bank Fixed deposits are the safest investment but the return is less as the interest rates on FDs are low these days. It is suitable for those people who have limited funds to invest. But if you desire more return on your investment, then you ought to take greater risk. In that case mutual funds, shares etc are the other investment options.
Re: TDS
by JGN on Mar 30, 2010 10:53 AM
Form 16 is given not only at the time of opening FD account but in the begining of every finanical year ie in April of every year throughout the life of FD. This form is a declaration that FD holder's total income (including interest income) is less than the minimum taxable income for that individual in India.
