Further to the Government’s decision to cut down the interest rates on small savings schemes, such as PPF, NSC and term deposits of post offices, please find enclosed a comment from Mr. Vaibhav Sankla, Director, H&R Block India Private Limited. H&R Block India Pvt. Ltd. a subsidiary of the world’s largest, dedicated, trusted and state-of-the-art individual tax services provider company.
Mr. Vaibhav Sankla, Director, H&R Block India Private Limited, “The reduction in the interest rates for small savings scheme along with long term instruments including PPF, NSC, KVP and Sukanya Samridhhi Scheme was announced recently in a much anticipated move. This was done in order to align these rates with the market rates. These rates will now be notified each quarter. A reduction of almost 0.6% in all the major tax saving and well-paying investment schemes has disappointed many. It is interesting to note here that when the government is extending all kinds of subsidies and concessions to agriculture, industries and businesses, this move has taken away certain benefits from the salaried class who constitute a very high portion of tax payers and have minimum scope for tax savings. This will definitely call for some last minute reshuffling in the investment plans with yearend round the corner. Promotion of a pensioner’s society needs some definitive steps to boost investment in certain schemes and the move to slash interest rates is discouraging.”
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