Limited Succour - Budget 2018 and Senior citizens ๐ณ
Budget 2018 does well to focus on senior citizens, but action must be broad based Finance Minister Arun Jaitley stressed in his Budget speech last week that “to care for those who cared for us is one of the highest honours”, underscoring the importance the Centre attaches to providing economic support for India’s growing population of senior citizens. He then announced several tax and related incentives to ease the financial burden on people aged 60 and above, all of which are very welcome given that the elderly face steeply escalating health-care costs on declining real interest and pension incomes. From affording a five-fold increase in the exemption limit on interest income from savings, fixed and recurring deposits held with banks and post offices to ₹50,000, and doing away with the requirement for tax to be deducted at source on such income, the Budget offers much-needed relief. This it does by leaving a little more money in the hands of elderly savers who ...