Home » FINANCE » Budget 2016 Criticism: Taxing PF Funds to Hit Salaried Class, Retirees, Old Citizens More
budget 2016
The Union Minister for Finance, Corporate Affairs and Information & Broadcasting, Shri Arun Jaitley addressing a Post Budget Press Conference, in New Delhi on February 29, 2016. The Minister of State for Finance, Shri Jayant Sinha and the Director General (M&C), Press Information Bureau, Shri A.P. Frank Noronha are also seen.

Budget 2016 Criticism: Taxing PF Funds to Hit Salaried Class, Retirees, Old Citizens More

The Xavarian Finance Minister of India, who never needs any pension despite his old age, has decided to tax the old now in his Budget 2016, hailed by many as a triumph. Yes, he has spared the youth and middle-aged, who are already in the tax net and pounced on the hapless old retirees to tax anew.

The Budget today made 60% of Provident Fund taxable, despite the fact it is the only source of livelihood for the working class when they retire as new generation hardly supports the old parents in the modern tech world of BJP rule.

Usually, the old and aged parents will withdraw the money from the PF, which was the only sacrosanct and hard-earned money by the salaried class and never in history any Finance Minister eyed this source too to tax. But the rich finance minister did not pay a second thought before taxing and depriving the old from their money, said old pensioners and those about to retire.

budget 2016

The Union Minister for Finance, Corporate Affairs and Information & Broadcasting, Shri Arun Jaitley addressing a Post Budget Press Conference, in New Delhi on February 29, 2016.
The Minister of State for Finance, Shri Jayant Sinha and the Director General (M&C), Press Information Bureau, Shri A.P. Frank Noronha are also seen.

With “retirement benefit bruised in a country where virtually no social safety net exists,” Derek O’Brien termed it a “hopeless budget” while the shocked senior citizens are still calculating as they can’t stage protests on the streets owing to thier age and non-inclusion in the hyper social media networks.

While Finance minister Arun Jaitley has hit the weakest section of the country now, BJP has shown that no section of society will be left untouched. From political opponents to students to journalists, old citizens, no one has been spared openly or discreetly so far.

“The FM made an attempt to emphasize on social sector schemes. But the reality is different. Almost 40 social sector schemes have been stopped and states have been burdened for funding new schemes,” said O’Brien.

Citing the example of the Pradhan Mantri Gram Sevak Yojana, the TMC leader said, “Instead of the Centre, which is now funding 100 per cent, it will only fund 60 per cent and the states have to bear 40 percent.”

But for FDI, he said the minister has opened many sectors almost 100% for foreign investments but made them part of an Annexure, he said.

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