Withdraw budget 2016 proposal to tax Employee Provident Fund (EPF)
Hello- Direct Tax Payers of India (Less than 4% of total population),
The finance minister has put forward the proposal to tax EPF (Employee Provident Fund)
Calculate your tax liability by downloading MS Excel Tax calculator file from - https://www.dropbox.com/s/n8yysze4b0tud6o/EPF%20Tax%20Calculator.xlsx?dl=0 . Share this with people who think this tax wont hurt much
This is a draconian act and will be a killer blow to already tax burdened salaried class which pays 30% income tax + 30% taxes in indirect form i.e customs, excise, service tax etc.
The money which is left after paying more direct/indirect taxes is saved into EPF and used for retirement planning. But, now even this corpus will be snatched away to a major extent.
Ask the so called experts/economists - Why free sops i.e. land, tax breaks to the elite are called incentives, but to the middle class are called Subsidy ? This is hypocrisy and a reason why 1% control 99% of the wealth in the world
I urge all of you to sign and share this petition and request honorable Mr Arun Jaitley to withdraw this decision.
A) No tax on either interest or contribution
B) No tax on Employer's contribution to provident fund beyond Rs 1.5 lacs per annum. Also, please dont increase age to 58 from 54 for withdrawing EPF
C) Maintain status quo please
Other important points:
A) Finance Ministry has clarified no tax on PPF (nice)
B) Check historical returns on annuity schemes . Do some research and share facts in public domain.
C) There should be parity between debt and equity instruments under savings in Sec 80C. If ELSS gains have no taxes after holding for 3 years, then why have any tax on fixed income instruments like EPF ?
D) NPS is a market linked plan where returns are not fixed like EPF
E) We dont get free quality education/medical facilities and these also suck a huge amount of our savings.
To have a multiplier effect , please trend it on twitter using hashtag #epfnotax + Email to friends + share on Facebook. Make sure you get at least 5 more to sign up
Links to my NDTV Debates (share on social media):
1) First video with Sunetra - http://www.ndtv.com/video/player/agenda/tax-on-provident-fund-fact-vs-fiction/406026
2) Second video with Nidhi - http://www.ndtv.com/video/player/left-right-centre/now-a-tax-on-your-provident-fund-tax-is-it-fair/406031
3) Third video with Ravish - http://www.ndtv.com/video/player/news/prime-time-intro-will-epf-withdrawil-policy-be-rollbacked/406029
" Greedy rich is the poorest of the poor"
- Finance Minister
Mr Narendra Modi
- Finance Ministry
Please take back this tax on EPF and maintain status quo . Dont burden the salaried class who have supported you in the 2014 elections and have huge expectations
We need the economic disparity among citizens to reduce to make this world a better place. I think the elite already have much more than they can ever spend
Some disturbing facts - https://www.oxfam.org/en/pressroom/pressreleases/2015-01-19/richest-1-will-own-more-all-rest-2016
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