Budget 2025: Senior citizens have many expectations from Budget 2025. Senior citizens depend on pension. Some senior citizens’ expenses are met only by interest income. The rising inflation in the country has spoiled the budget of most people’s homes.
The rising cost of treatment in the hospital has increased the pressure on them. In such a situation, the government needs to make announcements regarding senior citizens in the budget.
No tax on income up to 10 lakhs
Senior citizens are expecting an increase in the tax exemption limit from the budget. Currently, there are two categories of senior citizens in terms of income tax. The first category includes people from 60 to 80 years of age, who are called senior citizens. The second category includes people aged 80 years and above, who are called super senior citizens. If the annual income of a senior citizen is up to Rs 3 lakh, then he does not need to pay tax in the old regime of income tax. If the annual income of a super senior citizen is Rs 5 lakh, then he does not have to pay tax in the old regime. The government should increase the tax exemption limit for both types of senior citizens to Rs 10 lakh. This is what senior citizens are expecting.
Discount on medical tests
Senior citizens need the most care in old age. In old age, most of the money is spent on treatment, medicines and tests. The government needs to allow deduction of Rs 1 lakh per year on medical care. This should include OPD, tests and other expenses related to treatment. This will benefit crores of senior citizens.
Get tax exemption on NPS pension
At present, 60% of the money in NPS is received at the age of 60. The remaining 40% is used as pension in the form of annuity. This pension comes under the purview of tax. There is a need to keep it out of the purview of tax. This will provide great relief to the elderly. By not paying tax, they will get more pension in their hands.
Exemption for filing income tax return
Currently, senior citizens aged 75 years and above are not required to file income tax returns. Those whose source of income is only pension and interest income. Tax experts believe that the government should abolish the age limit of 75 years.
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