Employees association shows dissatisfaction over EET

New Delhi, July 10 (UNI) Expressing their dissatisfaction over the proposed EET (Exempt, Exempt, Tax), the Northern Zone Insurance Employees Association has said the proposed regime would hit the retiring employees most and not spare even the serving employees.

Instead of simplifying the tax laws, the Central Government is covertly hell-bent to withdraw the tax incentives in the form of various exemptions and deductions since long, the association said.

It demands that the concessions and exemptions presently available to the public, should be continued in its interest and the nation's at large.

The government provided relief to a elite class of the society consisting of 10-15 per cent of the total population who could well afford to pay taxes to the government.

''The present exemptions of PF, Life Insurance policies etc as well as payments like gratuity, commutation pension etc (retiral benefits), are historical in nature which encourage savings and are mobilised to form national capital for the growth of the economy of the country,'' it said.

The retrenchment and VRS amounts upto to Rs 5 lakh presently exempted are not the benefits but the compensation to send out a worker, it added.

UNI SBA RA DB1956