As you must have been feeling the terrible pinch of the rising prices, which have been unprecedented from any standards in the past, I have some queries for your perusal and suggestions accordingly.
According to the Govt’s whole sale price Index, prices of essential food items have soared this year ranging from 15.54% (vegetable oils) to 33.48 %.( onion)
Our chief source of sustenance has been the interest income from the paltry sum of superannuation money, deposited under the Govt’s SCSS, in Banks or Post Offices, which give us just 9% interest (quarterly) but also deducts TDS, further reducing our take home money.
In view of this, should not we move to the Government for-
1. Increasing the rate of interest of SCSS, linked with the wholesale price Index , or the present prices of essential food items in the market.
2. Not to deduct TDS from Interest earned on the deposits under SCSS.
This is required in the sense that our income never exceeds Taxable Amount. Also it is very difficult to get refund from Income Tax Department for the TDS deducted.
What are your opinions about this?
How to proceed?
Any other suggestion from you?