homepersonal finance NewsIncome that is being earned as interest needs to be taxed: Finance secretary TV Somanathan
Income that is being earned as interest needs to be taxed: Finance secretary TV Somanathan
Finance secretary TV Somanathan said the pensions committee will look into issues being raised by all quarters. "Isn’t it interest , what do you get from debt mutual funds , is it share capital gains or do you get debt interest?," he said, adding that the ministry is looking at parity with instruments which are of a similar nature
"There should be parity between various debt instruments. Income that is being earned as interest needs to be taxed," said finance secretary TV Somanathan.
He added that the panel on pensions would try to address stakeholder concerns.
He said the pensions committee will look into issues being raised by all quarters. "Isn’t it interest , what do you get from debt mutual funds , is it share capital gains or do you get debt interest?," he said, adding that the ministry is looking at parity with instruments which are of a similar nature
"Income earning instruments should be treated as income earning instruments, that is the direction in which it is going," he said.
The Finance Bill 2023 was passed in the Lok Sabha without a discussion on Friday. The Bill, which gives effect to tax proposals for the fiscal year starting April 1, was passed amidst ruckus by the Opposition over the Adani row.
A total of 64 official amendments were proposed in the Bill. These included the one that seeks withdrawal of long-term tax benefits on certain categories of debt mutual funds and another for setting up the GST Appellate Tribunal.
One of the amendments was a committee to be set up under the Finance Secretary on the pension system to address the needs of employees and also maintain fiscal prudence.
Finance Minister also spoke about the panel in the Lok Sabha while speaking on the Finance Bill 2023 in Lok Sabha.
She said the approach will be designed for adoption by both the Central government and state governments. She said that representations were received that the national pension system for government employees needs to be improved.
First Published: Mar 24, 2023 2:04 PM IST
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