As the Union Budget 2025 approaches, taxpayers are eager to see what Finance Minister Nirmala Sitharaman has in store. While much attention is often directed towards the salaried class, senior citizens face unique financial challenges that demand attention.
With rising medical expenses and inflation eating into their savings, targeted tax benefits and simplified processes could significantly ease their burden.
Here are five potential measures that could make a meaningful difference for senior citizens.
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Senior citizens aged 75 and above currently enjoy exemptions from filing income-tax returns if their income comes solely from pensions and interest from specific banks.
Lowering the age threshold for this exemption and introducing simplified tax return forms for those with diverse income sources would reduce compliance complexities.
INCREASED TAX EXEMPTION LIMITS
The basic exemption limit for senior citizens has remained unchanged for some time. Increasing these limits under the newer tax regime could provide significant relief and encourage more seniors to adopt the simplified tax framework, ensuring better financial security.
ADJUSTED TDS THRESHOLDS
Banks and financial institutions deduct tax at source on interest income above a certain limit. Aligning this threshold with basic exemption limits would help reduce unnecessary deductions and the need for filing refunds, easing the financial strain on seniors.
BETTER DEDUCTIONS FOR MEDICAL COSTS
Healthcare expenses form a significant portion of senior citizens’ spending. By enhancing deductions for health insurance premiums and out-of-pocket medical expenses, the Budget could address this concern, ensuring seniors have access to necessary medical care without undue financial strain.
The Union Budget 2025 offers a crucial opportunity to address senior citizens’ financial needs. By introducing higher exemptions, streamlined compliance processes, and targeted tax benefits, the government can provide much-needed relief to ensure a secure and dignified life for India’s elderly population.
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