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 Industry & Economy - Taxation
No exempt-exempt tax on savings

Our Bureau

New Delhi, Oct. 9 The Finance Ministry has made it clear that savings made up to March 31, 2011 will not be subjected to the proposed exempt-exempt-taxation (EET) regime.

“The proposed new Direct Taxes Code will fully grandfather the present savings. All savings made up to March 31, 2011 will be protected under existing law.

“There is no need to worry that present savings will be taxed when the sums are withdrawn after the EET regime comes into force,” a Finance Ministry official said here today.

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