Waiver of Tax on bank interest earned by senior citizens.
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Interest rate on bank deposits have nose dived to the extent of 50% in last seven years, creating an extreme worrisome situation for retired employees and senior citizens.Interest paid by the bank on their deposits is the only source of income for such persons in their twilight years.Senior citizens retired from Govt. undertakings and private jobs draw a very very low P.F pension of Max. Rs. 3000 per month on which they cannot sustain.
Most of our senior citizens on reaching above 62 years spend all their retirement dues like P.F,gratuity, Leave encashment etc. on marriage,education and building a house for family.When they want to feel secure and comfortable their is no money left.With age human body wears down and several health problems crop up which need medications for the rest of their lives.Without adequate and regular income they become dependent.
They are shunned by their sons and daughters for the fear of loosing a big chunk of their saving on their treatment and decent upkeep.As the children of Senior citizens are starting their new life, they do not want to divert or dilute their savings meant for the education ,study and marriage of their children, though they love their parents.If retired persons do not having enough financial strength their offspring's panic and fear grips them,and try to wish away the seniors.
For want of money retired persons are neglected,shunned and pushed to ever growing loneliness. It makes them mentally weak and with each day their B.P / Sugar Levels/ mental health deteriorate..They feel irritated,and quickly loose their mental composure. This alters their attitude and lead to further complications like misery , loss of mental peace and ever increasing belligerence at home.
A financially secure Senior citizen Retiree is an asset and not a liability for the family,society and nation.We cannot forget their contribution to family ,society and nation building.
Through this petition we request our Hono'rable Finance Minister Govt. Of India,
1. Completely waive off tax on the bank deposits of Senior Citizens as to make them a bit more financially secure. The move is all the more justified as India like other developed countries does not have Health Insurance / Govt. schemes for Senior Citizens in place.
2. Revise tax rates so that a Senior Citizen do not have to pay tax if income below five lacs. We have paid our Taxes for 20-25 years regularly in the past.
Please do not shun old people as they all had a glorious past worked tirelessly for 25-35 years ,contributing and shaping the well being of the society and the country.
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