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Friday, Jul 03, 2009
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 Industry & Economy - Budget
Give stimulus for senior citizens

Most of the senior citizens (expect businessmen) do not enjoy any social security benefits and live solely on interest income from their life savings deposited with commercial banks and post offices. These earnings are getting less and less these days due to the current economic situations and reduction in interest rates.

Under these circumstances, the income-tax exemption limit to senior citizens should be raised to Rs 3.6 lakh. Also, the limit for investments to qualify for deduction under Section 80C of the Income Tax Act be raised to Rs 2.5 lakh, to achieve the triple benefit of stimulating the savings habit, supporting the various national investment schemes specified in Sec 80C and minimise the tax liability.

Alias Thomas, Thiruvalla, Kerala

More Stories on : Budget | Social Security | Income Tax

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