Income tax Budget 2024 expectations: 10 ways the finance minister can ease income tax and financial burden of senior citizens
Finance Minister Nirmala Sitharaman will present the complete budget for the fiscal year 2025 in July. As usual, taxpayers have an extensive list of desired items for the finance minister. Senior citizens make up a significant portion of the tax-paying demographic in India since they also earn income, often in passive ways. Nevertheless, with the rising cost of living, senior citizens might feel that the existing income tax benefits need to be increased.
Three experts tell ET Wealth Online what senior citizens want from the upcoming Union Budget 2024.
Also read: Section 80C deduction in Budget 2024: Will the government increase Section 80C limit under the old income tax regime in Budget?
Suresh Surana, practising chartered account
Increasing the threshold for Mediclaim Premium to Rs 1 lakh: In wake of the global medical concerns arising post covid pandemic, other lifestyle and health issues, it has been observed that senior citizens were the greatest sufferers in this situation. Resultantly, this has led to a steep rise in the medical expenditure as well as health insurance or Mediclaim premiums. The present provisions provide for a deduction of Rs. 50,000 u/s 80D with respect to any Mediclaim premium/ medical expenditure incurred by a senior citizen. Thus, it is expected that the said threshold limit be increased to Rs. 1,00,000.
Reducing the age limit for senior citizens u/s 194P from 75 years to 60 years, which provides for exemption from income-tax return filing in certain cases: Section 194P of the IT Act
