Income that is being earned as interest needs to be taxed: Finance secretary

Income that is being earned as interest needs to be taxed: Finance secretary TV Somanathan

“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.