Petition updateAbolition of Income tax on Interest on FDs in BanksThanks to more than 6900 supporters

sitarama raoIndia
Feb 3, 2017
I convey my thanks to all supporters, who helped this petition to reach more than 6900 signatures . People from all over India
( North,East,West,South ) signed the petition. People of age above 70 years and 80 years 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.
More than 6,900 people, including senior citizens , employees petitioned to FM for abolishing this tax on interest on FDs through change.org , but govt did't consider the petition . We are all people who pay income tax in addition to taxes on all types of products and services we buy. We are ready to pay tax but if govt takes tax on interest on our savings also , which we planned for future , we feel very bad.
Even on interest on saved amount ( FDs ) in banks also, we are required to pay tax as per our income slab. In fact that FD amount is balance amount after paying tax and as such nontaxable. Bank interest won't protect erosion of principle value because of inflation. 20% , 30 % slabs and rates are not changed. Many middle and senior executives will be in this band. They are also likely to have FDs and are required to pay that much tax on already low interest given by banks.
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.
At least to have some impact before finance bill is passed , I request every body to get 10 signatures each so that 69000 signatures may have some impact on govt.
Thanks to all for signing and co operation.
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