Budget 2025 Senior Citizen Expectation!
The country's budget coming on saturday has increased the heartbeat of the people. Everyone's expectations are sky high. In such a situation, how can grandfather stay behind. He also feels that Finance minister Nirmala Sitharaman should do something in the budget, which will give confidence that old age will be spent in fun, because inflation has started putting pressure on the returns on the deposited capital in front of the need. Senior citizens have faith and they also demand that there should be no tax on their annual income up to 10 lakhs. Apart from this, they also hope to get maximum exemption on pension benefits, so that more and more of the amount received from pension comes in their hands.
Interest is also expected to increase on saving schemes
The elderly not only want exemption from tax on income, but also want to get more interest on saving schemes. So that due to lack of regular income, maximum return can be obtained on the deposited capital for the needs of old age. According to experts, senior citizens need risk free and long term investment instrument, which can give them return more than the market rate.
If pension is the only income after 70 years, then exemption from ITR is given
If the source of income of senior citizens above 75 years is only pension and interest from the same account, then they are also exempted from filing income tax return. The bank branch with pension deducts tax at source itself. By reducing this facility to 70 years, a large section of senior citizens can be given its benefit. Apart from this, under the new tax regime, the basic exemption limit is also expected to be increased from three lakh to five lakh. The elderly are also hoping to increase the benefits received on the basis of house rent allowance in metro cities.
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