Dear sir/s NarendraModi’ji, ArunJaitley’ji, JayantSinha’ji,
Today’s budget has hit all possible right chords with every Indian, this is one budget when finance minister used the words Farmer, Gareeb (poor), and Infrastructure 19 times each. Other repeatedly used words were Youth and Development. We all understand India is just a make up, our real country is Bharat and it lives in villages.
This proves what the government is aiming for and the biggest proof of this budgets success is that no opposing member of any political party has been able to criticize with numbers and facts, they are using generic statements and fulfilling their duties.
One single area where every Employee is disappointed with the budget 2016 is the taxation of PF/EPF upon withdrawal. Though 40% is exempt, taxing the balance 60% has not gone down well with lacs of salaried class in the country.
I know you have done this to align with NPS and other schemes which have EET principle. In fact if u make all schemes into EEE including NPS, and NPS already enjoying additional Rs.50000/- tax break can make the scheme one of the biggest within few years. It could be so big that the equity portion will be enough to counter FII outflows when ever they occur.
Moreover keeping the PF tax free doesn’t harm the government in big way. Hence request you to reverse PF to EEE and also make NPS under EEE. If this is done, this budget would be termed as a Dream Budget for people too and not just for our PM.
Disclosure: Iam not a salaried employee and requesting this on behalf of all salaried class, as many of them are my clients too.
‘The posts under the Category ‘Vivek Speaks’ are in his personal capacity, VRIDHI as a company may or may not subscribe to the views’