Why should savings be taxed? Savings are done by postponing current needs for the future.

Why should savings be taxed? Savings are done by postponing current needs for the future.

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Bhavani Akkapeddi started this petition to EPFO and

I wanted to withdraw my hard earned saving in the form of PF (Provident Fund with Employee's Provident Fund Organisation). I tried for an online claim submission. To my shock, I received a message, "Income Tax at the highest slab of 34.6% is liable to be deducted if your settlement amount crosses Rs.50,000/-.". I am not happy about it. I want this tax to be removed. There is no such tax on GPF (General Provident Fund which is for Govt. Employees). The implementation of social security benefits is very poor for private sector employees. Where as taxes are very heavy. 

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