Tax exemption for retired personnel
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People in a job work for 30 years plus and in most cases pay regular income tax. Apart from maintaining a family, a person makes monthly saving for his/her son's/daughter's education, marriage etc. In the current scenario, the person has to pay taxes in most of his/her savings instruments, conditions prevail. This makes life miserable for the person and the reduced interest rates on the deposits has further worsened the woes. The steps undertaken to reduce interest rates in deposits are in the greater interest of the country and are highly commendable. It has been felt after observing the retired persons plight for submitting return on the amount saved after long years in service, is somewhat demoralising and less dignified. As, the person has already contributed to the Government coffers during his/her service, it seems a bit illogical to tax them after retirement. To let the senior citizens enjoy their life after retirement with peace and dignity, they may be allowed to enjoy their savings, post retirement income which may not include any regular income other than pension, shall be a small step in recognising their contribution to the society with Gratitude. This may also enhance the standard of living and provide satisfaction and dignity to our retired seniors. An earnest appeal to our respected Prime Minister and Finance Minister to consider the issue of making Pension and post retirement earnings TAX-FREE.
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