Budget 2018 for senior citizens: Union Budget 2018 was presented today. Narendra Modi government's India Budget 2018 has a few things for the senior citizens. The fifth Budget of Modi government was presented in Parliament. The last full budget before the Lok Sabha 2019 elections was crucial for the Modi government.
Budget 2018 for senior citizens: Union Budget 2018 was presented today. Narendra Modi government’s India Budget 2018 has a few things for the senior citizens. In a major benefit for senior citizens, they an claim benefit of reduction Rs. 50,000 per annum on health expenditure and health insurance premium. Arun Jaitley will also announced standard deduction of Rs 40,000 which will benefit pensioners. In another major relief for senior citizens, Arun Jaitley in Budget 2018 had announced that there will be no TDS on Fixed Deposits and Post Office deposits upto Rs 50,000.
The fifth Budget of Modi government was presented in Parliament. The last full budget before the Lok Sabha 2019 elections was crucial for the Modi government. India Budget 2018 is also politically significant as a few state assembly elections will be held across India this year.
Ahead of India budget 2018, senior citizen wanted tax relief. Senior Citizen wanted the government to reduce the age limit from 80 years to 60 years for income tax exemption. Apart from Income Tax slab, senior citizens also wanted the Modi government should increase Section 80TTA limit for senior citizens above the age of 60 years. Senior citizens were also hoping that Modi government would Increase 80D and 80DDB deduction limits. Before Budget 2018, a taxpayer could claim a tax deduction up to Rs 40,000 for certain diseases under Section 80DDB. On the other hand, under Section 80D, a senior citizen gets deduction up to Rs 30,000 while making payment of health insurance premium.
After Budget 2018 will your income tax go up or down? Track Financial Express Budget Income Tax calculator 2018
Notably, in Budget 2017, Modi government made an announcement on social security for senior citizens. Jaitley had said the Life insurance Corporation (LIC) would implement a scheme for senior citizens to provide assured pension, with a guaranteed return of 8% per annum for 10 years. Jaitley had also announced Aadhaar based smart cards containing health details would be introduced for that for senior citizens. A beginning would be made through a pilot in 15 districts during 2017-18, Jaitley had said in his Union Budget 2017 speech.