Tax on Deposits of Retired Persons

Tax on Deposits of Retired Persons

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE

LOK SABHA

UNSTARRED QUESTION No. 3023

TO BE ANSWERED ON FRIDAY, THE 5TH JANUARY, 2018
15,PAUSHA, 1939 (SAKA)

TAX ON DEPOSITS OF RETIRED PERSONS

3023. SHRI VIJAY KUMAR HANSDAK:
SHRIMATI RAMA DEVI:

Will the Minister of FINANCE be pleased to state:

(a) whether the Government is considering to ensure that the money deposited in banks by the retired persons is not taxed;

(b) if so, the details thereof; and

(c) if not, the reasons therefor along with the reaction of the Government thereto?

ANSWER
MINISTER OF STATE IN THE MINISTRY OF FINANCE
(SHRI SHIV PRATAP SHUKLA)

(a) to (b) No Madam. At present, no such proposal is under consideration of the Government.

(c) Tax is levied on total income computed in accordance with the provisions of the Income-tax Act, 1961.

Source : Loksabha Portal