Senior Citizen: Senior citizens will have fun, they will get this big relief in tax..
After the elections, the full budget for 2024-25 will come by the end of next month. In such a situation, it is expected that Finance Minister Nirmala Sitharaman can make many such provisions in the budget this time, which will work to increase the demand in the economy. This includes reducing the tax burden. In such a situation, what can be those 4 ways, which can reduce the tax burden on the population of senior citizens of the country?
Senior citizens also account for a significant number of total taxpayers in India. The reason for this is their income from different sources. However, as the cost of living is increasing, there is also advocacy for reducing income tax for senior citizens.
The tax burden can be reduced in these 4 ways-
Experts believe that the Government of India can reduce the income tax burden of senior citizens in many ways. 4 of these are mentioned below…
The government can give extra benefits to senior citizens at the level of mediclaim. Looking at the situation after the challenges of COVID-19, the government can make premiums up to Rs 1 lakh of mediclaim tax-free under 80(D). According to news from ET, this limit is currently Rs 50,000. If this limit increases, senior citizens can also take mediclaim of a higher amount.
Another thing the government can do is to reduce the exemption from filing income tax returns for senior citizens above 75 years of age to 60 years or 65 years. However, it can make it conditional that even at this age, senior citizens should not be working anywhere, only pension or interest should be their main income.
Under 80(C), the government gives many types of tax exemptions. In this, ELSS or FD has a lock-in period of 5 years. If the government wants, it can make this lock-in period system a little more logical for senior citizens.
Neeraj Agarwal of Nangia Andersen India believes that the government can exempt senior citizens from capital gains tax to provide tax relief. Because after retirement their income mainly depends on returns on investments in accounts, fixed deposits, bonds, and dividends.
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