Petition updateAbolition of Income tax on Interest on FDs in BanksThanks to more than 8,250 supporters

sitarama raoIndia
Oct 22, 2017
I convey my thanks to all supporters, who helped this petition to reach more than 8250signatures . 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.
It took more than one and half year to get this many signatures for this petition. I wonder whether only this many people are affected by this policy of govt. However , I am not discouraged and will continue my efforts.
When govt requested us to give up subsidy on gas cylinder price, many of us happily given up , because we felt that we don’t loose much by that. We expect govt also reciprocate to us on this issue, because it won’t loose much by removing tax on interest on FDs.
More than 8,250 people, including senior citizens , employees petitioned to FM for abolishing this tax on interest on FDs through change.org . As per change.org policy, petition will be delivered to concerned authorities, once for every 250 signatures up to 10000 signatures. Hence govt must have received this petition this petition many times by now, but no response. 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.
Hence we all request govt to consider this petition and take favorable action.
Thanks to all for signing and co operation.
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