Dear Mr. Jaitley,
I thank you and your team for giving us the budget that our country needed with maximum focus on making it pro-poor and pro-farmer. I understand the new taxation and increase in levies and surcharge, which was mostly on luxury items and not on the items that poor or lower middle class people need, will help in taking our country forward.
However, your decision to tax the PF withdrawals on maturity was not something I could see benefiting the middle class. You will agree with me that a large part of this middle class is made of salaried people. These people who fight daily with life to offer a better life to their children. PF has always been one of their weapons in this fight. A 'brahmastra' if you may. One only uses it when one has lost all other options and most of the times, they need every penny out of it. By taxing 60% of the withdrawals, you tend to take away a chunk of that money from them.That money which could have helped a 3rd grade employee save his child who is hospitalised or a 4th grade employee in providing fees for her daughter's education or probably someone who needed it for the funeral of his father. At maturity many times the PF is used by an employee to buy a house for his/her family, a place of their own, which he/she was never able to buy.
By taxing that, you tend to snatch away a part of their dreams or hit another nail in the soul of that already wounded warrior who has fought life with all his/her might. It is a request that you do not do so. Please revert this particular taxation and let the middle class live in the comfort of the thought that they have that 'brahmastra'. Please let them have their weapon.
Regards,
Kumar Aditya,
An ordinary citizen,
India