Tuesday 21 June 2016

[www.keralites.net] Request to members to consider the following representation to Sri Modi and send the same

 

Create the confident self respecting Indian


1)   More than food, clothing and shelter, the real need of a person is self respect and self esteem. Such Indians create pride in India and create many reasons for the pride.

2)   One needs money in one's pocket to protect one's self respect. Otherwise one will be forced to beg as one has to feed one's family. Beggars cannot have self respect. They surrender their self esteem and can have no values at all.

3)   One has to save to keep one's self pride and as a result the pride in India.

4)   There are only two methods of saving in the honest white economy-

1) The interest bearing savings like the post office savings schemes or in fixed deposits in Banks and

2) the share market including the Mutual Funds.

5)   In the case of the interest giving savings the rate of inflation is always more than the rate of interest. The net income is in fact negative or minus income and despite the ultimate statistical bluff, none believe that the interest is income It is fake income.

6)   In addition the same inflation reduces the real value of the principal also year after year. In addition due to the population explosion, the price of land always sky rockets, and relationally, the fixed deposits which are tied to an unchanging numerical figure are getting wiped out totally in real value. As assets they are totally dangerous and misleading if not duping.

7)   Magnifying the grave injustice meted out to the fixed depositors, the fake income called the interest on fixed deposits is added to the taxable income, bloating the tax bill. As a result, other incomes like salaries and pensions are over taxed. (Suppose the pension of a person is Rs 40,000 per month and he has fixed deposits in banks of Rs fifty lakhs. Suppose the rate of interest on fixed deposits is ten percent and the rate of inflation is also ten per cent.

If he keeps the fifty lakhs with him in cash in his home, then his pension income will be Rs4, 80,000/-Then as pensioner he has to pay tax only on Rs 1,80,000 at 10% plus education cess of three per cent. It comes to Rs 18,000/ plus Rs 540/, total Rs18, 540.

Unfortunately he committed the crime of putting his savings in fixed deposits. As a result his taxable income increased to Rs 4,80,000 plus Rs 500,000 (fake income neutralized by inflation),totalling Rs 9,80,000/.Then he has to pay tax on Rs 6,80,000,which comes to Rs 1,19,480/.He also loses 10% from his principal in real value due to inflation which is Rs 5,00,000/- In all he is losing Rs 6,01,300/-( 6,19,480 minus Rs18,540/).The annual fine for the crime of putting the savings in the white fixed deposits is Rs 6,01,300/- I am ignoring the total wipe out in real value because of the sky rocketing of the price of land.

FOR THE CRIME OF PUTTING HIS SAVINGS IN THE FIXED DEPOSITS HE IS LOSING HIS ENTIRE PENSION OF RS 4, 80,000.HE IS GETTING ROBBED AND IT IS NOT ONLY MONEY BUT ALSO HIS VERY SELF RESPECT AS HE HAS TO BECOME A BEGGER ONLY.)

8)   The other method of saving is through shares or Mutual Funds, the field of speculation. In good funds he has to pay in the big net assets value which is far greater than the face value. Here also in reality he is getting not much because, the return on his investment in the NAV is small.

9)   The sad fact is there is no white and honest economy in India today.

There is security and prosperity only in the tax free, lawless, dishonest black money economy only. One participates in the black money economy and prospers and thus keeps one's self respect or one keeps to the dangerous white economy and loses one's self respect.

10)  Please take steps to create an honest economy which is not dangerous. Please immediately exclude interest from the list of taxable incomes as the first urgent step.

11)  All these years unjustly interest on fixed deposits is added to taxable income. It was totally unjust. Now for tax avoided on concealed income a fine of 45 per cent is proposed. Following the principles of reciprocity in justice, the unjust tax collected by including the interest on fixed deposits during the earlier years shall be refunded with no addition at least.

Sir, please immediately exclude interest on fixed deposits from the list of taxable incomes and thus save banking in India.
www.keralites.net

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Posted by: Cool Kis <cooolkis@gmail.com>
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