Budget Gives Fair & Lovely Scheme to Thieves but tax on PF of honest Employees

Excuse me for this post as I have no intention to pick a political statement to take any side and just want to speak for employees .I fully agree that Modi Govt has given a Fair & Lovely Scheme for thieves but has taxed the PF of hard working honest tax payers employees of private sector.Any form of change which attract tax is totaly deplorable. Indian govt which leaves it's elder without any social security after paying taxes through their nose through out life is shameful act.Forget about taxing PF ,people must know the unhuman soul behind this bad idea .

 

Affairs are very sad for honest taxpayers pay through nose and even saving get tax if withdrawn for emergency situation. Black money people are happy and laughing. They avoid tax have fun and now get clean chit to go Scot free. How anyone can be hone

 

In today's Divya Bhaskar (Gujarat's leading daily), this article was posted.

Summary in English:

Suppose a 25 year old man is earning Rs. 15,000/month then Rs. 2,400/month will go to PF. Assume the salary grows 8% per annum then when he retires his PF would have Rs. 1.536 crore including interest. If 60% of corpus is taxed then, 30% tax on 92.2 lacs would be applied, which results into 27.6 lacs. In other words 18% from total corpus of Rs. 1.536 would go in tax.

Assume government, being liberal, applies tax only on interest earned then the guy would have Rs. 107.4 lacs as interest and 60% of it would be 64.4 lacs. 30% of tax on it would results into 19.3 lacs. In other words 12.6% from total corpus of Rs. 1.536 would go in tax.

 

Shocking situation for all. How Govt can do such thing? Foolish step

 

So now EPF tax has been withdrawn...