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Our confusing tax code

It's not only archaic laws but various anomalies which make a taxpayer's life difficult. A closer look at the fine print

Sample this. If you want to participate in an initial public offering (IPO), you will be called a retail investor only if you invest up to Rs 2 lakh. At the same time, a retail investor is someone who invests up to Rs 10 lakh in a tax-free bond issuance. In the case of mutual funds, a retail investor puts in up to Rs 5 lakh in a scheme. Similarly, banks protect or insure deposit accounts for up to Rs 1 lakh. And, when the government has proposed to secure company deposit holders, they plan to protect such investors for only up to Rs 20,000, irrespective of the type of ...