Hindu Business Line
(Budget Wish List)
Stimulus for Senior Citizens.
Most of the Senior Citizens (expect businessmen), do not enjoy any social security benefits, and live solely on interest income from their life savings deposited with commercial banks and post offices, considering safety and liquidity, also to meet unforeseen financial emergencies at their old age. These earnings are getting less and less these days due to the current economic situations and reduction in interest rates initiated by the Government, for the benefit of other sections of the community. At the same time, Senior Citizens, in addition to the present high cost of living applicable to all, are subject to heavy and unaffordable expense for medicines and hospitalization, due to increased risk in their health conditions as they progress in their age. Under the circumstances, the Income Tax exemption limit to Senior Citizens should be raised to Rs.3,60,000/- . Also, the limit for investments to qualify for deduction under section 80C of the Income Tax Act be raised to Rs.2,50,000/-, to achieve the triple benefit of stimulating the savings habit, supporting the various national investment schemes specified in section 80C and to minimize the tax liability.
Chev. Alias Thomas
Retired Company Executive
Thiruvalla
Videos Get the latest video streams on movies, Try it!
No comments:
Post a Comment