IDA INCREASED 5.0% FROM 1-10-2022

Sunday, 16 June 2019

Our CHQ Vice president Com.D.Gopalakrishnan has prepared a very good memorandum to the Finance Ministry to be sent before this budget session starts. I have posted it here. On behalf of Com DG, I  request all our members to send your views, opinions and feed back to me on or before 18-06-2019 ( Tuesday). I will compile all and send to com DG. You can send on whatsapp to my number 
80560 66995 . or e-mail to immediately.

Please consider whether we can send the following on behalf of our association to finance ministry

There is a very strong feeling among all the Pensioners throughout the country that pension is to be exempted from income tax for the following reasons

Hon Supreme court time and again declared in various judgements that pension is akin to property rights

NDA government led by Shri Modiji abolished wealth tax in 2015-16 budget foregoing more than 1,000 crore rupees to the exchequer. Earlier it was only 1 percent above Rs.30 lakhs.

In 2017-18 budget income tax to corporates was reduced from 30 percent to 25 percent whose turnover was less than Rs. 50 crore. By this way Government lost a revenue of Rs.7000 crores. It is proposed to increase it to Rs.250 crores. It was told that it was done with a view to increase the employment generation.

Total pension expenditure for the Central government in 2017-18 was Rs.1,31,201 crores which include other retirement benefits also.  Actual pension expenditure might be Rs.80,000 crores. On an average if 10 percent is taken if the government abolishes tax on pension the government may forego only Rs.8000 crores.

Pension amount is spent on consumer goods which generates demand and in turn helps for more production and generate more employment.

Further, the savings of pensioners in banks and post offices helps investment for the industries which in turn helps employment generation.

If NDA government led by Shri Modiji abolish income tax on pension it shall earn the goodwill of nearly 15 crore people consisting pensioners and their family members.

We would request for serious consideration of the above proposal  ".

Please act swiftly and send your opinion through whatsapp or e-mail as mentioned above.

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