During the Budget 2020-21 presentation,Mrs Nirmala Sitaraman ,the Union FM,mentioned that a provision is made that investors will have to bear 10%TDS on mutual funds income,which really shocked me.Most of retiree’s, in private sector or Some Govt Undertakings do not get pension like Govt Employees.They invest in mutual funds for monthly income.This new rule will be a big financial setback.In the name of simplification the tax laws have been made much complicated ,for the salaried class,as the taxpayer is now required to calculate his tax liability under both old and new rules to find out which is more beneficial,perhaps ,even warranting professional help.Withdrawal of the most popular exemptions and deduction is, to say the least, a Most retrograde step and is actually putting the cart before the horse.
A person/senior citizen who gets around Rs 30000/PM whether a pensioner or a private employee with family -can never be expected to save under any section due to rising costs of rents maintenance and medical expenses etc which are increasing day by day .What is the use of hiking Insurance cover when they can not save ? It looks FM has only concentrated on big earners and the IT sector ,ignoring the poor.
The absence of any concrete employment generation programs to harness India’s demographic dividend and oblique reference to the schemes introduced in previous years ,is really unfortunate.The Govt’s decision to sell a part of its holding in LIC and IDBI Bank is unlikely to elicit an enthusiastic response.In my personal opinion ,this is disservice to the nation.If not, the government must concretely bring forth the reasons behind such proposal.Listing in stock-exchange will result in not only change in ownership character but also investment pattern.There is Infact a very strong case for coverage of total amount of deposits without any ceiling as is the case with regard to sovereign guarantee by the GOI for the LIC policies without any restrictions.The FM should reconsider her proposal with due application of mind and continue the status quo position with regard to exemptions,and deductions and grant deposit insurance to cover the total amount of deposits.
A person/senior citizen who gets around Rs 30000/PM whether a pensioner or a private employee with family -can never be expected to save under any section due to rising costs of rents maintenance and medical expenses etc which are increasing day by day .What is the use of hiking Insurance cover when they can not save ? It looks FM has only concentrated on big earners and the IT sector ,ignoring the poor.
The absence of any concrete employment generation programs to harness India’s demographic dividend and oblique reference to the schemes introduced in previous years ,is really unfortunate.The Govt’s decision to sell a part of its holding in LIC and IDBI Bank is unlikely to elicit an enthusiastic response.In my personal opinion ,this is disservice to the nation.If not, the government must concretely bring forth the reasons behind such proposal.Listing in stock-exchange will result in not only change in ownership character but also investment pattern.There is Infact a very strong case for coverage of total amount of deposits without any ceiling as is the case with regard to sovereign guarantee by the GOI for the LIC policies without any restrictions.The FM should reconsider her proposal with due application of mind and continue the status quo position with regard to exemptions,and deductions and grant deposit insurance to cover the total amount of deposits.
