Petition updateAbolition of Income tax on Interest on FDs in BanksThanks to more than 5500 Supporters
sitarama raoIndia
Nov 9, 2016
I convey my thanks to all supporters, who helped this petition to reach 5500 signatures mile stone. People from all over India ( North,East,West,South ) signed the petition. People of 73 years and 85 years age also signed the petition.Many senior citizens, retired people , people in service , some NRIs also signed the petition. Many gave logical and reasonable comments,justifications. Summary of reasons given by supporters , which all of us agree are 1. We are putting in FDS only left over money after paying taxes. As such principle amount is not taxable. Even after adding interest given by banks every year , principle value will not be retained, because of rupee devaluation. Hence taxing interest amounts to double taxation. 2. By taxing interest on FDs, people are discouraged to put white money in Banks. 3. Banks will get more deposits , if interest are not taxed. More funds will be available for loans and development of country. 4. Retired people have no option other than Bank FDS to protect their lifelong savings . They get satisfied with moderate interest. With their increasing medical expenses and decreasing rupee value, tax on interest is further burden to them. Some people argue that why can't we invest in share market ? We can't expect every body to be a financial expert. Even mutual funds managed by experienced fund managers gave negative results some times. Some incident happens in some corner of world, share values are effected immediately, even though it may take years for that incident give its actual effect. It is similar to gambling. Hence all of us request government of India to withdraw tax on deposits in Banks. I request all supporters to further increase number of signatures using whatsapp groups,facebook groups etc. I am very much thankful to change.org ,for providing us a platform to represent our suggestions,grievances. With out change.org and face book , it is not possible for a common man to write a petition to FM, Govt of India and get 5500 signatures.
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