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The new TDS rules for small savings schemes will further come as a blow for those who have parked big money in them.
The government is looking to put an end to dodgy practices via this move. But, is this the right way to go about it?
First tax on savings, then tax on earning from interest and now tax even on withdrawing money!
Roiled by falling rates of savings schemes, citizens are looking beyond them now but majority are still dependent on returns generated by the schemes.
The coronavirus pandemic has disrupted lives and had an adverse impact on the livelihoods of people. Those who may have unfortunately lost their jobs or forced to superannuate are now to a large extent forced to dip into money from these schemes.
Taxing amount exceeding Rs 20 lakh withdrawn from Post Office schemes would send a wrong signal to those who have deposited money over the years.
With majority of senior citizens not investing in equity, they would be terribly affected by this move.