Sometimes it doesn’t meet the eye! And then it goes on!
I am thinking about three things and I have been desperately looking for someone else to pick it up and highlight. That’s because I may not be the expert.
1. Banks deduct tax at source when they pay interest on deposits. The depositors, including older people who depend on the interest, get the net amount credited to their accounts. That’s the law, but what about the tax amount deducted! Are they being credited to the government in time or are the banks enjoy this amount in their books for quite sometime, without any obligation to pay interest!.
2. State Bank of India reduced the interest on savings bank accounts and fixed deposits significantly compared to other banks. We know that many people including pensioners have accounts with this banking giant. The Bank usually step in to rescue failed banks, the recent Yes Bank for example. Is the reduction on interest to common man used to fund the loses in such takeovers!
3. Last date for filing income tax return extended from July 31 to November 30 in view of the corona virus! Last date to pay taxes was March 31. And refunds are processed after the last date of filing returns. That means, tax payers refunds are delayed by 4 months.
Did I miss something!