Income Tax Revision for Senior Citizens
Shri Eatala Rajender raised questions regarding potential income tax benefits for senior citizens, including a tax rebate up to ₹7.5 lakh annual income, reduced tax rates for income up to ₹10 lakh, and increased tax deduction limits for National Savings Certificate investments from ₹1.5 lakh to ₹3 lakh. The Minister of State for Finance, Shri Pankaj Choudhary, responded that while such proposals are often reviewed during the annual budget exercise, no such revisions are currently under consideration.
Income Tax revision for senior citizens
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.
Referance Lok Sabha PDF