88 percent citizens want EPF rollback

Attached, please find results of the poll on rollback of proposed EPF taxation. The same has been shared with key stakeholders in the Government. You are welcome to save the image and circulate it to your contacts on whatsapp, facebook, email etc for broader awareness and so the end result desired by citizens is acheived. Also, below are your inputs on making EPF more citizen friendly which are being shared with the key stakeholders in Government as well.

If you have additional inputs on the subject, please share.

Citizen Inputs on making EPF better

1. There should be no tax on EPF withdrawal after the age of 60 years
2. If EPF is withdrawn before the age of 60 years, only then tax should be applied on it
3. A part of EPF should be allowed to be withdrawn in case of an emergency
4. Taxing 60% of the EPF withdrawal will leave limited incentive for citizens to contribute to Provident Fund
5. Deduction of EPF should be made voluntary and not mandatory
6. PF interest rates should be hiked after retirement age
7. If PF is not withdrawn for a certain predefined period, a bonus must be given
8. Bonus should be increased with increase in period of non-withdrawal
9. The process of EPF withdrawal or deposit should be made online like other developing countries
10. Employees should be allowed to withdraw 90% of EPF amount including employer’s contribution one year before retirement for purchase of a house
11. The employee should be allowed to take tax-free loan from their EPF for marriage and education of children provided it is paid back within a certain time period. more  

View all 43 comments Below 43 comments
EPF should not be taxed. This is the only provision that wage earners can make for their old age. Employees' and employers' contribution must be treated alike : neither should be taxed and even after the employee takes up a new job, it ( total of both contributions) should be transferred to his account. The basic contribution to the EPF should continue to be compulsory. The employee should have a right to increase his contribution to the EPF which should be matched by the employer's contribution. This option should be for at least one year : the employee may exercise this option only at the beginning of a financial year only and he can change the option either to increase or decrease his contributio ( only beyond the basic contribution ) from the next financial year. THE INFLATION, THAT HAS BECOME AN UNCHANGEABLE FACT OF LIFE, IS BOUND TO DECREASE THE VALUE OF THE FUNDS IN THE EPF ACCOUNT. TAXING IT FURTHER WILL COMPLETELY DESTROY ITS VALUE AS AN ANCHOR FOR THE OLD AGE. more  
This is good.Additionally Senior Citizens should be given higher Interest rates atleast 1% more than common people.Also income tax rebate of 3Lacs should be increased to 3.5 lacs atleast so that they can lead better life. more  
one is roll back and the other is made it for any employee leaves job he will get his own only. who will leave job if employee and employer relation is not good or for future prospects. Then as per new rule it will be transferred to another concern A/c on his unique number of same PF number. Now again government says his share only he will get.. Its employers hard earned money .why it is so? more  
swaminathan dandapani The Finance ministry write off Public sector loans which is around 2.5 Lac crores and and no plan to collect those money from defaulters and try to push taxtation to EPF which is only saving for the middle class and working community. Similary tax is implemented for every gold purchase. If the govt have capacity to fix the Gold price without any fluctuation,taxtation have some meaning, But it is under fluctuation in higerside high tax is credited to the Govt Account. Most of the family those who have daughter they started gold saving scheme for her marriage purpose. It is totally against the middle class and working community. If the taxtation is implemented every 2 lacs purchase of gold is fair decision. The finanace ministry should think: how all nationalised Banks collect money from the defaulters, out of 2.5 lac crores how much amount credited in the Swiss bank. It is the top most priority rather than implement taxes against the poor people. more  
A good decision ,though taken late,for which Rahul Gandhi is now claiming the credit.Middle class / employees is the backbone of the party.India experienced the best rule of Vajpaiji for 5 years.He could not succeed in the next election as The Income Tax ceiling was not raised in the last budget presented.This is the opinion I gathered from my fellowmen at the time more  
Post a Comment

Related Posts

    • Social Distancing gone for a toss at airports

      See attached images from Delhi airport. No compliance at check in no compliance in buses and no compliance even for RTPCR tests for international flights. Like this its a matter of time when Covid ...

      By Seema Mehra
    • Vaccines being Forced

      What Localcircles is raising here is a very genuine concern. I share evidence of what is happening to force people to take COVID vaccine. If the Govt has not authorised mandatory vaccina...

      By Sneha Goyal
    • Karnataka bans online gaming including fantasy aport

      Karnataka has banned online gaming friends including fantasy sports https:/...

      By Sarita Ravichandran
    • Food Adulteration Law - Follow Rajasthan

      The Rajasthan Assembly on Saturday passed four bills including the Criminal Laws (Rajasthan Amendment) Bill-2021 by voice which has provisions for imprisonment up to seven years for adulteration of...

      By Shweta Kotharii
    • VIP Culture of Nitin Gadkari Road Mantri

      In indore. If this is the number of cars that must travel with these ministers I demand a govt without such ministers. This is peak VIP culture. LocalCircles please escalate this t...

      By Ankita Jain
    • Way Forward on Cryptocurrencies

      I see a poll has been put on cryptocurrencies so I am sharing this information. Indian investors are flocking to cryptocurrencies like never before and the trend could be a dangerous on...

      By Shikha Mantri
    • Bringing Petrol and Diesel under GST - Act Now

      Thanks to all members who have been participating in the surveys over the last 3 years on bringing petrol and diesel under GST to give relief to common citizens. Here is the link to the latest repo...

      By LocalCircles Manager
    • Cleaning and Disinfection industry and chemicals - beware

      A lot of cleaning and disinfectant companies have profiteered during the pandemic from the fear amongst people. LocalCircles are generally ahead of the masses and is first signal to Gov...

      By Amit Mishra
    • 4th dose on the cards - do we have it right

      Israel is planning for FOURTH doses of COVID vaccines which is ridiculous If you're aiming to eliminate all breakthrough infections, you'll keep reboosting and reboosting and reboosting....

      By Nikita Goyal
    • Tax paying Citizens paying for IT glitches

      The finmin has extended the tax filing to Dec 31st. But, does this help the tax payers. NO . Instead, it penalises them. The IT portal glitches are far from being resolved. Until the issues are res...

      By Padmanabhan G
    • Minimising COVID risk in schools

      Many of you as parents and grandparents participated in the safe school reopening survey in the circle. Below is the reporrt:

      By LocalCircles Manager
Enter your email and mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

All My Circles
Invite to
(Maximum 500 email ids allowed.)