Let Banks Pay Tax on Interest

The Economic Times, January 22, 2015 Chat Room Let Banks Pay Tax on Interest Apropos “3-year Bank FDs May Get Tax Exemption”(ET, January 22). It is surprising that no one discusses structural reforms in tax administration. The result is, like the banking sector’s wage structure- the section covered by IBA-union settlements)- every Budget exercise becomes an arithmetical jugglery to make both ends meet. There is a need to simplify tax administration. As regards tax on interest income, government should transfer the responsibility of payment of tax from depositors to banks: make interest income tax-free and introduce a tax payable by individual banks with reference to the size of resources mobilised from public. Banks may have to make good the outgo on this count by adjusting deposit rates. M G WARRIER, Thiruvananthapuram

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