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Tax on interest

by Rodney Martinesz

The Government had decided to Tax interests from deposits only where such interests exceeds Rs.72,000 per annum (Rs.6,000 per month).

All interests exceeding Rs.72,000 per annum would be taxed only at 10 percent, Finance Minister K.N.Choksy told the Daily News.

This measure was introduced with a view to encourage savings and to help middle level depositors, he added.

He said that he was paying heed to an appeal by the Government as well as Opposition members to grant this concession which would affect pensioners and ordinary depositors.

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