March is when tax dues are tabulated and paid in full. It’s unlikely that anyone can be in a happy state of mind during the month.
When you’re distressed, turn to your friends. And that’s why I am with you my dear friends, this morning.
Frankly, tax is Caesar’s due and should be rendered. It’s apparently one of the two definite things in life. The other being death.
But this March is special. There’s a distress and disgust at being duped by someone who’s supposed to be thriving on trust. That’s the Bank.
Like many people, I look at the bank for safekeeping hard earned money and earn some interest income from it. By the grace of God I don’t have to go there to borrow.
Once a customer, you are a target and enthusiastic sales people, lure you with products you don’t understand. But there’s this trust and you end up signing for them for the promised more income and also to help the sales staff to meet their targets.
That’s why one feels disgusted when an undisclosed tax implication hits you. I am in a situation that I have to pay tax even for the amount invested.
Apparently income tax imposed this rare tax rule to discourage something which even they consider wrong product introduction.
The product was sold as a tax free investment, but by not meeting a condition for tax free eligibility, bank got more commission from the fund manager and customer is duped.
The immediate provocation for this post is a charitable mail from the bank warning customers of frauds.
I myself being a banker would feel more miserable at being duped by the bank. Now I have to spend time to prove to the bank of their wrong sale and claim compensation.
And it’s double taxation as the money invested is tax paid savings. But you don’t usually teach tax people on wrong rules.
Be very afraid of greedy banking!