EPF tax on withdrawal: Online petition goes viral, over 100,000 people support campaign
EPF tax on withdrawal: An online petition against retirement tax has received over one lakh signups seeking urgent and immediate withdrawal of EPF tax within 48 hours after it was announced in Arun Jaitley's Budget 2016. The petition was started by a finance professional from Gurgaon, Vaibhav Aggarwal, and over 1 lakh people have supported the campaign and it continues to draw thousands of signatures very hour.
EPF tax on withdrawal: "My Change.org petition has picked up like wildfire because it resonates with every salaried person who is already burdened with multiple taxation like income tax and indirect taxes. The government's decision to tax EPF is a draconian move and a killer blow," Aggarwal said.
EPF tax on withdrawal: Meanwhile, facing flak for proposing a tax on employee provident fund withdrawals, Finance Minister Arun Jaitley today said he will spell out the final decision on the matter when he replies to the debate on Budget in Parliament.
EPF tax on withdrawal: After Budget 2016-17 proposed taxing 60 per cent of the withdrawal from Employee Provident Fund (EPF) on contributions to be made after April 1, the government yesterday hinted of a partial rollback.
EPF tax on withdrawal: Vaibhav's Change.org petition has been shared widely on Twitter and Facebook and continues to gather more signatures rapidly. "Vaibhav's petition has drawn 1 lakh signatures in just 2 days. This is one of the most viral petitions on Change.org in recent times. We hope that the Finance Ministry responds positively to the concerns of all those who have signed this petition," Preethi Herman, Country Lead of Change.org said.
Budget 2016: A member of the EPFO’s Central Board of Trustees on Wednesday alluded to the government’s push towards annuity-based pension schemes being done to create a market for insurance companies.
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ANALYSIS / EXPERT COMMENTS
- Meghnad Desai
India needs a body like the UK’s Office of Budget Responsibility
- Anita Rastogi
In addition to simplifying the taxation structure, implementation of the GST regime will help eliminate most indirect tax issues
- Nirvikar Singh
Repressive regimes fail to deliver inclusive and substantive economic growth
- Anwar Shirpurwala
Extend duty incentives for mobile phones and tablets to all Information Technology Agreement goods
- Eric Mehta
Will this Budget be an enabler for ‘Make in India’, ‘Make for India’ and, most importantly, ‘Make India’ is something that will soon be answered