Income Tax Law Amendments Needed
For almost 70 years that the Union Budget had been totally ignorant about one major fact. The distinction between the public sector and private sector employees in supervisory positions and above.
In the private sector, one gets the job and promotions exclusively on one’s own merit, and can continue in the service based again on one’s own merits. One error and there is every chance of losing the job. Looking for another job, which again is based on one’s merit, may take time.
On retirement again, one gets only the provident fund and savings, if any. There is never any pension available for these persons.
On the other hand, the public sector employee in the similar cadre once gets the job, he can never lose it because there is no exit policy laws existing. A mistake can maximum lead to a transfer elsewhere, which is always ‘manageable’ and one can get the original posting back. Merit or no merit, one gets the promotions regularly based on seniority and casts.
In addition, employees of many government undertakings go on strike, holding the common man at ransom. The government is forced to bow down to the demands to stop the public harassment. Employees who come in contact with common man mostly misuse their positions to earn an extra buck.
These are all well known facts for all. And yet, the Income Tax Laws applicable to both the categories are same. How can the public sector job (with job security, opportunities to harass common man o earn extra buck, etc) can be compared with the private sector job (with no job security, no guarantee of promotion, etc).
Worst is the case for the Senior Citizens. SEBI has screwed up the retirement plans for those, who had invested in Paper stocks over two decades ago, and had not converted them to Demat during the last two decades. There complete investment is now a total loss, because no one has the health, energy, to run around and complete the demands from the companies and their registrars, who have been given a free hand by SEBI.
Senior citizens who have worked in public sector have no such problem, because they get posted on one or the other position after their retirement, get the monthly pension regularly, which also goes no increasing with implementation of suggestions from the Planning Commission, so much so, that some people get more pension than their last drawn salaries.
It is high time, that the Union Budget bifurcates these two categories separately, and have separate Income Tax Laws applicable for each of the two categories, so that the retirees from the private sector get some relief. more
In the private sector, one gets the job and promotions exclusively on one’s own merit, and can continue in the service based again on one’s own merits. One error and there is every chance of losing the job. Looking for another job, which again is based on one’s merit, may take time.
On retirement again, one gets only the provident fund and savings, if any. There is never any pension available for these persons.
On the other hand, the public sector employee in the similar cadre once gets the job, he can never lose it because there is no exit policy laws existing. A mistake can maximum lead to a transfer elsewhere, which is always ‘manageable’ and one can get the original posting back. Merit or no merit, one gets the promotions regularly based on seniority and casts.
In addition, employees of many government undertakings go on strike, holding the common man at ransom. The government is forced to bow down to the demands to stop the public harassment. Employees who come in contact with common man mostly misuse their positions to earn an extra buck.
These are all well known facts for all. And yet, the Income Tax Laws applicable to both the categories are same. How can the public sector job (with job security, opportunities to harass common man o earn extra buck, etc) can be compared with the private sector job (with no job security, no guarantee of promotion, etc).
Worst is the case for the Senior Citizens. SEBI has screwed up the retirement plans for those, who had invested in Paper stocks over two decades ago, and had not converted them to Demat during the last two decades. There complete investment is now a total loss, because no one has the health, energy, to run around and complete the demands from the companies and their registrars, who have been given a free hand by SEBI.
Senior citizens who have worked in public sector have no such problem, because they get posted on one or the other position after their retirement, get the monthly pension regularly, which also goes no increasing with implementation of suggestions from the Planning Commission, so much so, that some people get more pension than their last drawn salaries.
It is high time, that the Union Budget bifurcates these two categories separately, and have separate Income Tax Laws applicable for each of the two categories, so that the retirees from the private sector get some relief. more
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Mr Mangesh Anaokar: You mistaken that employees in pr ivate sector do not extort. It seems that the same is institutionalied there. As an example, Delhi Airport Management extorted Rs 360 on Nov 11 for parking my car for a total of 1 hour 50 minutes (including blackmail period forcing me to return to the parking lot claiming that I reached the exit gate 2 minites later than permitted 15 minutes). I told them still I am within 2 hour limit for which I have paid Rs 180. But these guys are there to extort. So they issued me another ticket and extorted another Rs 180 from me. My complaint has fallen on deaf ears. Airport is managed privately and no one in highe position is accessible. If you like, I can recount other instance of extortion by Tata Sky, Tata Tel etc. the list is a long one. Moral is: if you can extort more, you get a better package. more
Jan 03
There should not be different laws but they should be treated on par and no differentiation. Senior Citizen Schemes apply @60 but private sector Employees retire@58. more
Jan 03
Like uniform education, the salary & other benefits should be uniform for all, pay structure may be different but the heads of payment be same for any sector.. Job security, knowing fully well only one joins private industry. In Govt based on Pay revision, the pension stands revised to all , irrespective of their retirement year. This should be extended to all PSU's also with out any delay. more
Jan 03
Let's look at this difference: 1.JOB SECURITY: Govt--Yes/Private -No, 2.Medical Benefit - Govt -Yes/ Private- Not Everywhere 3. HOLIDAYS & LEAVE--100%/Private---Not Everywhere, 4. PF--GOVT-Govt funding/ Depends on the company 5. Working hours---Govt--Average 6 hours per day/ Private---Avg 7 hours per day including Saturday( barring MNC). Retirement Benefit -----GOVT- 100%/ PRIVATE ---ONLY PF & GRATUITY (Only IN MNC) Other Private sector ----NIL BENEFIT. Hope this comparison suffice for the people. more
Jan 03
We are going out of our point of Senior Citizens living gracefully after retirement.Some get pension which takes care of inflation.We only talking about those who depend on interest on FDs which is decreasing and inflation is rising. Hence our only request to the Government is to fix FD interest @10% Income Tax free for Senior Citizens. more
Oct 16
