Enhancement of exemption limit to 7 lakh for payment of Income Tax by pensioners/ SrCZs.
This petition made change with 240 supporters!
The Prime Minister of India
The Finance Minister of India.
Every retired person after rendering 33 to 38 years of service to the Govt. where he worked and for all his services the Deptt pay him salary which is of course treated as income and is liable for Income Tax.
But after retirement he is paid pension as a superannuation fund for his livelihood on account of serving for so many years. Here a question arises as to whether why Income Tax is levied on pension. This is not an income for any services or work. This is only a deferred wage by the Deptt to the employee who have served the Deptt for so many years. Then why Income tax?. The Govt must discontinue the levy of Income tax on pension. If retired MPs & MLAs' pension is not taxable then why pension for retired government employees is Taxed?. Let the Pensioners community & Civil society know the facts.
Retired persons need more income due to ill health and many more liabilities in old age. Pensions are not sufficient to face all the expenditure incurred by pensioners. Hence it is required to abolish Income Tax on Pension. If such abolition is not possible then at least the exemption limit for payment of income tax for pensioners/senior citizens may be enhanced to 7 lakh in the ensuing Budget-2018.
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