Union Budget 2025: Some tax benefits that could help senior citizens
With rising medical costs and inflation, the amount that the elderly have to spend every month has been on the rise.
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Finance Minister Nirmala Sitharaman is set to present her eighth consecutive Union Budget on February 1, 2025. Speculation has already begun on what the Budget would hold for taxpayers. Much of the focus would be on the salaried class, but senior citizens’ concerns would also need to be addressed. With rising medical costs and inflation, the amount that the elderly have to spend every month has been on the rise. With only their savings or investments to fall back on, their financial security would need to be taken care of. Better return on investments, tax benefits, or even administrative measures can ease their compliance burden. Here is a list of potential benefits for them that could be considered for Budget 2025.
Relaxation in tax return filing
Individuals aged 75 years and above are exempt from filing income-tax (I-T) returns if their income consists solely of pension and interest income, with the interest income earned from the same specified bank in which pension is credited. In such cases, the specified bank will deduct the applicable tax, eliminating the need for filing return. The age threshold for this provision could be lowered to 70 years, broadening the benefit to include more senior citizens.
2025-01-02
By
Ravindra Kumar Tiwari
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