REDUCE TDS RATE

The government has proposed to reduce the income tax rates for individual tax payers from 10% to 5% up to the taxable income of ₹5 lakh from the next financial year (2017-18). The finance ministry should therefore issue instructions to all banks to deduct TDS @ 5% on interest income instead of 10% since the budget was passed by the Parliament.

SS Utreja, Ludhiana