The burden of a lifetime of extended working hours spent
at the office is undertaken so that our families can reap the benefits of our
hard work. The smiles on their faces is the reward we are given, which
motivates us to continue providing for them. However, as we age and the
strain of 30 plus years of hard work is felt, any small relief sent our way is
greatly appreciated. The recently announced 2018 Budget held good news
for senior citizens, providing the expected extra relief.
Amended Deductions for Senior Citizens
1.
During a person’s golden years, most of the income earned is in
the form of the interest from the various savings established, such as post
office schemes, FD’s etc. Therefore, the increase in the exemption limit
for interest income limit from Rs 10,000 to Rs 50, 000 is well received.
2.
The health insurance premium and/or medical expenditures
deductible was also increased from Rs 30,000 to Rs 50,000 u/s 80D. Additionally, the deductions available under section 80DDB for critical illnesses was
increased to Rs 1, 00,000. Both these deductions is available to all
senior citizens, whereas before there was distinction in the allowance between
senior citizens and super senior citizens (above 80yrs)
3.
The investment limit for Pradhan Mantri Vaya Vandana Yojana,
which provides a return of 8%, by LIC of India (PMVVY) has been increased from
Rs 7,50,000 to Rs 15,00,000.
Additionally, the various health schemes the government
has introduced, also benefits senior citizens, as they are among the populace
that it covers, such as:
·
Rashtriya Swasthya Bima Yojana (RSBY) – which at present
provides an annual coverage of only Rs. 30,000, which is proposed to be
increased to Rs 5,00,000
·
National Health Protection Scheme – This scheme provides
coverage upto Rs 5,00.000 covers 10 crore poor families, which is approximately
50 crore recipients with primary and secondary care.
The improvements to the
schemes/deductions available for senior citizens in the recently
announced 2018 Budget, allows senior
citizens to rest more peacefully in their golden years.
No comments:
Post a Comment