Taxman questions banks for claiming tax credit on FD insurance premium

Top banks have landed in a tax tangle following the government's move to safeguard fixed deposits worth up to Rs 5 lakh of depositors. Earlier, banks used to insure Rs 1 lakh worth of fixed deposits with the Deposit Insurance and Credit Guarantee Corporation (DICGC). But finance minister Nirmala Sitharaman increased the bank deposit insurance to Rs 5 lakh in the 2021 budget.

via Economictimes

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