Income Tax Revision for Senior Citizens : Is a 7.5 Lakh Tax Rebate for Seniors on the Cards? Government’s Reply in Lok Sabha!
The question Raised in Lok Sabha :-
Whether the Government proposes Income Tax revision for senior citizens that will provide tax rebate till annual income of 7.5 lakh, and a levy of 5 per cent Income Tax up to annual income of 10 lakh to Senior Citizens ?
Income Tax Revision for Senior Citizens : 7.5 Lakh Tax Rebate
Shri Eatala Rajender, Member of Parliament, has brought attention to an important issue concerning Income Tax revisions for senior citizens in India. His efforts aim to ensure financial relief and improved welfare for the elderly, who often face unique challenges in managing their expenses after retirement. By advocating for these revisions, Shri Eatala Rajender seeks to provide greater financial security and ease of living for senior citizens, aligning with the broader goal of supporting this valued segment of society.
However, the Central Government’s response to this matter has not been convincing to senior citizens, leaving many disappointed and concerned about their financial security and well-being. This highlights the need for a more empathetic and proactive approach to address the pressing issues faced by this vulnerable section of society.
Tax Rebate for Seniors
The Questions (Question No.167) raised by Shri Eatala Rajender are given below.
Will the Minister of FINANCE be pleased to state:
(a) whether some States Elders’ Welfare Associations have sought an Income Tax (I-T) revision for senior citizens from the current fiscal year;
(b) whether the Government proposes that senior citizens will be provided tax rebate till annual income of 7.5 lakh, and levied 5 per cent Income Tax up to annual income of 10 lakh;
(c) whether the tax deduction for the national saving certificate investment for senior citizens will be revised from 1.5 lakh to 3 lakh from this fiscal year; and
(d) if so, the details thereof and the action taken thereon?
The Answer given by Minster of State in the Ministry of Finance (Shri Pankaj Choudhary) to the above Questions is provided below.
(a) As part of the budgetary exercise every year, a number of proposals are received seeking amendments in the Income-tax Act, 1961 and deliberated upon, and the results of such deliberations is reflected in the Finance Bill presented that year.
(b), (c) & (d) No such proposal is presently under consideration.
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