Please Sign the Petition to PM: Tax Relief to Senior Citizen of India.

Hello Friends!

I've started the petition "Shri Narendra Modi - Prime Minister of India: Tax Relief to Senior Citizen in India" and need your help to get it off the ground.
Will you take 30 seconds to sign it right now? Here's the link:
http://www.change.org/p/shri-narendra-modi-prime-minister-of-india-tax-relief-to-senior-cititzen-in-india
Here's why it's important:

Tax Relief for Senior Citizens of India

Many of the Retired people from the Private Sector do not have any pension form their employees. They are totally dependent on the Income generated, through their investments. With the Inflation slowing down according to Government figures (but the price of all commodities used by common man increasing disproportionately) and the interest rate coming down, these retirees are one of the hardest hit, and faced with financial hardship, in their twilight years. With no Forum to address the grievances they always suffer in silence. Why can't some relief be given to address the long pending problem? Some suggestions are –

1. Interest Income earned by Senior Citizen to be exempted from Tax up to Rs. 5 lakhs p.a.

Senior Citizens (having pension or no pension) should get tax exemption on Income of Interest from their savings/ investments. Since, all their savings are post tax and again charging tax on the interest earned is a Total Injustice. Hence, this anomaly should be removed, to make Senior Citizens lead a decent & peaceful life style. The interest rates fell down by more than 2% over the last two years, where else, the prices of basic needs doubled. Sr. Citizens are NOT allowed any deductions from Interest Income either for Transportation, Medical expenses, House repairs and maintenance etc., except for an exempted limit by Rs. 50,000/=. Thus, A ‘Tax Free Interest’ on deposits with Banks for a period not less than Five(5) years will create at least a steady income, if not an enhanced income.

2. Post Office Pension Scheme for Senior Citizen to be Tax Free.

A Senior Citizen with 42 years of service is getting EPF Pension of Rs. 1298/- p.m only. There was a demand to upgrade the same up to Rs. 3,000/- which was not accepted by the Govt. Many of the EPF employees are getting 100-400/- 700/- like this. So suggestion of Taxable income up to 5 Lacs is also not useful. The Pension Scheme for workers has been introduced by LIC with maximum Pension Rs.5, 000/- is also not sufficient. High Time, Govt. should fully abolished tax burden for the senior citizens ( whether they retire from Government or Private Sector), all their savings, interest etc. from Post Office Pension Scheme, must be fully exempted from tax.

3. Tax Exemption on Savings Accounts Interest Accruals.

Presently restricted to an Unrealistic Nominal Amount of INR 10,000/- Per Annum; Which Works Out to Just INR 800/- + Per month . The Existing Interest Income Exemption Limit certainly needs to be raised to INR 10,000/- Per Month (INR 120,000 p a), from the Current Financial Year to provide relief to all Sr. Citizens and General Public. Further, Interest Earned / Accrued On Term Deposit' s For 5 Years & Above Under 80 (c) Should Be Totally Tax Free, making Form-15(G) & Form-15(H), redundant.

All Senior Citizens have more liabilities, these days; money goes to health problems, education/marriages of their sons/ daughters. So it is high time for Govt. to consider wows of senior citizens and give them requested Tax Reliefs at the earliest possible…please!

You can sign my petition by clicking here.

Thanks!

Darshan Pandher more