This time around the Annual Budget had a interesting thing to offer , the Finance Minister (FM) has created a new category of citizens called "Very Senior Citizens" and the age limit for this, has been set as 80 years
In a country like ours where there are so few facilities provided by the government for the senior citizens,this is a welcome move by the FM
The FM has made sure that this category of citizens do not have to pay taxes for taxable income upto Rs.5 Lakhs , this limit was earlier half this figure at around Rs.2.5 Lakhs .
I'm not sure how many people really benefit from this , as the percentage of population above the age of 80 must be very small and a miniscule percentage of that, may probably be earning above Rs. 5 Lakhs a year but none the less a good move by the FM
The FM also reduced the qualifying age for senior citizens from 65 to 60 , so someday hope he will also reduce the qualifying age for Very Senior Citizens from 80 to 75 ,which may be a more appropriate qualifying age
In these times of high prices and uncertain interest rates , any change that helps our Senior Citizens is a welcome move
The FM has made sure that this category of citizens do not have to pay taxes for taxable income upto Rs.5 Lakhs , this limit was earlier half this figure at around Rs.2.5 Lakhs .
I'm not sure how many people really benefit from this , as the percentage of population above the age of 80 must be very small and a miniscule percentage of that, may probably be earning above Rs. 5 Lakhs a year but none the less a good move by the FM
The FM also reduced the qualifying age for senior citizens from 65 to 60 , so someday hope he will also reduce the qualifying age for Very Senior Citizens from 80 to 75 ,which may be a more appropriate qualifying age
In these times of high prices and uncertain interest rates , any change that helps our Senior Citizens is a welcome move
No comments:
Post a Comment