Reformation of tax policies
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I am an honest tax payer of India, I pay a huge amount in form of direct and indirect tax to government from my only source of income i.e. my salary.
In FY 16-17 I managed to save some money (let’s assume 150,000 INR) after paying for my expenses , house rent (as I live in Gurgaon on rent) and obviously huge amount in form of tax (direct and indirect). The amount which I saved was kept for any urgency so I did not put it into long term saving instated I invested it into fixed deposit . I also had choice to give this money to some sahookar (as I belong to rural area ) to earn 18-24% return without any tax or something but I chose bank instead because as per my understanding any amount lying in bank somehow benefiting economy of our country . I earned interest of 10126 INR and bank deducted 10% as TDS rest 10 % would be deducted when I will file ITR .
So my concern here is after being so honest and paying such huge taxes (even though this amount is being used to give subsidy to institutes like JNU where students shouts Bharat tere tukde honge ) is it crime to keep my hard earn money into bank and pay 20% more tax if I earn some money as interest ?
I know these polices are not started by this gov only it is happening since long but first time we have gov which is accountable . We see hope in the government .So we request to the Gov to reform such policies .
Hope for some positive change .
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