Abolition of Income tax on Interest on FDs in Banks
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As per current personal income tax policy, Govt is collecting tax on interest earned on FDs. At anytime, interest on FDs is less compared with the then existing inflation rate. Middle class people save balance money after paying tax, after their expenses , for their future financial protection. They also limit their expenses for this purpose. Govt is taking some of interest by tax and thus taking away part of their planned financial protection. Interests earned on all types of deposits except (EPF,GPF,PPF ) are taxable. Even a if a person is in 10% tax slab, he looses 10% of interest earned on deposits. We are crying, if interests are reduced by 0.5% to 1% or 2%. But 10% to 30% of that interest earned is taken by Govt in the form of tax.
People with medium income only invest in FDs to protect their money against rupee devaluation because of inflation. This income group can't afford to take the risk of investing in other forms and loose money on some occasions.
Please sign this petition requesting Finance Minister and Prime Minister - Govt of India to abolish income tax on interest earned on FDs in Banks. It saves hard earned money of lakhs of people of India and thus protects their financial interest.
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