Retirement planning is perhaps the longest term goal for any individual. If the government wants to encourage long-term equity investments, it must remove the anomalies and inconsistencies in the taxation of the National Pension System (NPS). Right now, the scheme is treated as Exempt Exempt Tax (EET). This is at a sharp disadvantage to the other major retirement products such as the Employees Provident Fund (EPF) and the Public Provident Fund (PPF). It is high time that the NPS too is given the ..

Read more at: more  

Not only the NPS but also all other retirement schemes from insurance companies registered with IRDAI and mutual funds from SEBI should be given EEE status as the savings and investment in working and younger age was for social security in retired/old age when neither there are much opportunities to earn nor an older person is much capable of working to earn in old age. It is also a misnomer to understand and propagate that older people do not have much liabilities. The medical expenses, disabilities and even the social expenses are much higher than in working age. Taxing pension is injustice to senior citizens of this countries when there are no other social securities from govt. With the advent of western culture the dependence on children in old age can not be counted now a days for old singular family or old singles. more  
i have retired recently from Railways and settled in Palava City Dombivali east. I want to consult someone on how to calculate my Income Tax for current year i.e 2015-16,.by taking into account interests on various FDs. How to minimize my tax liability and earn decent income from my funds. Prem Chandra more  
Here the payments are made by taxpayers out of their earnings and pension received is not a deferred income. This is an investment instrument and there is strong argument for making at par with other similar instruments by giving EEE treatment. The tax system has provisions reg senior citizens. So let us not get into that. more  
Yes, Mr.Prakash, I also read about it in ET but the question is that this EET of pension has resulted from us Indians' mentality of disregard towards our elders which has been tapped opportunistically by the political class. Since PPF and EPF are the savings by yournger people therefore the bureaucracy don't want to touch the red Hot rod called 'youth' . Instead wants to harass the elders who have much lesser energy and interest in protesting. One thing every youth of this country must understand and realize is that they too will surely be in the same soup in their future. Therefore everyone must understand each other (young people and elders) and always be together harmoniously so that no one can take advantage of a group of people's vulnerability. more  
Post a Comment

Related Posts

    • Unfair practice by IT Deptt,

      I had filed my income tax return for the assessment year 2021-22 under section 139(1) i.e., filed on or before the due date, and claimed the refund of Rs. 5000 plus. The same was acknowledged by th...

      By Indu Bhushan Bhargava
    • Income Tax Refund Delay

      I am a senior citizen and filed my return on the 18th Oct but till date (23rd Dec) I have not recd my refund. I have called their Helpline no also many times. They say they will lodge my complaint ...

      By Neeru Sood
    • Senior Citizens retirement plans going for a toss

      For bank fixed deposits in India: 2016: 9.3% interest 2019: 8% interest 2021: 5.5% interest Senior citizens retirement plans must be under water unless they did enough ...

      By Aditi Jain
    • New Income Tax Portal System

      God news. A lot of time has been vested. In the Court, it may be advised that any future such new thing must be tested in all respect and by all stakeholders, before the due date I.e. 31/03 in this...

      By Hasmukh Sangani
    • Why income details must be given to broker

      Always wondered, why does an investor have to fill in income details with the broker? I buy shares if I have money. I do not need to have an income. And PAN number is a must. So why do you add this...

      By Aditi Jain
    • Bad news for small savers

      There won't be any cut in interest rate of Small savings schemes . Yesterday's decision to lower the interest rate is REVERSED

      By Jayanti Natarajan
    • Bad news for small savers

      Rates on small savings schemes reduced by 50-90 basis points. PPF in April-June quarter to earn you only 6.4% interest against 7.1% earlier. Senior Citizens Savings Scheme to earn on 6.5% now compa...

      By Vikram Gupta
    • Secured earning for Senior Citizens

      I raised this point on earlier occasions also. No relief seen in any budget. I made a suggestion as follows: There are some schemes exclusively for the benefit of Senior Citizens like Se...

      By SN Sitaram
    • Rounding off the amount in Bills

      Request guidance as to which is the appropriate circle & authority to whom i can complain regarding the below mentioned issue: Lately with many of my relatives and friends staying in Gurga...

      By Manas Hazarika
    • Great news for seniors

      Senior Citizens (above 75 years) who get pension and interest income only are exempted from filing returns

      By Azam Yusuf
    • The Govt salutes honest and compliant tax payers

      Recently our CBDT isued a press release saying it cannot punish compliant and honest tax payer by extending various due dates for the assessee who are dishonest, lazy and non compliant and our secu...

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.)