Budget 2025: Senior Citizen Budget 2025 has many expectations. Senior citizens depend on pension. The cost of some senior citizens runs only from the income of interest. Increasing inflation in the country has spoiled the budget of most people’s homes. Increasing treatment expenses in the hospital have added further pressure on them. In such a situation, the government needs to make announcements about senior citizens in the budget.
No tax on income up to 10 lakhs
Senior Cities are expected to increase tax exhalation limit from the budget. Currently, there are two categories of Senior Cities in terms of income tax. People from 60 years to 80 years come to the first category, called senior citizens. In the second category, 80 years and older people come, are called super senior citizens. If the annual income of a senior citizen is up to Rs 3 lakh, then there is no need to pay tax in the old regimen of income tax. If the annual income of Super Senior Citizens is Rs 5 lakh, then it does not have to pay tax in Old Regim. The government should increase the tax exhalation limit to Rs 10 lakh for both types of senior citizens. Such senior citizens are expecting.
Exemption on medical tests
Senior citizens require the most care in old age. Most of the money in old age goes into treatment, medicines and tests. The government needs to allow deduction at the expense of one lakh rupees annually on medical care. It should also include other expenses related to treatment including OPD, tests. This will give millions of senior citizens to be avoided.
Tax exemption on NPS pension
Currently, at the age of 60 in NPS, 60 percent of the money is received together in NPS. The rest, 40 percent of the use is found in pension like annuity. This pension comes under tax. There is a need to keep it out of the scope of this tax. This will give a lot of relief to the elderly. Not paying tax will bring more pension in their hands.
Exemption to file income tax returns
Currently, elders aged 75 years and above do not need to file income tax returns. Whose source of income is only pension and interest income. Tax experts believe that the government should abolish the condition of 75 years of age.