Budget 2025 for Senior Citizens

What's the wishlist for Senior Citizens from the upcoming full Budget for 2025-2026. The Budget will be tabled on February 1 and is likely to focus on boosting consumption and capex. On Financial Express Read More.., we offer you a detailed list of expectation and announcements for Senior Citizens on its dedicated page Who Got What. Navigate through all the declarations at a glance from the current and past Union Budgets on this page.

Budget 2025-26 Announcements for Senior Citizens

Senior Citizens

The TDS exemption limit on interest earned from deposits has been doubled from Rs 50,000 to Rs 1 lakh, reducing the tax burden.
Senior citizens can submit Form 15H to request banks not to deduct TDS, simplifying tax compliance.
Those with old National Savings Scheme (NSS) accounts that no longer earn interest can withdraw their savings tax-free from August 29, 2024.
The ₹1 lakh TDS exemption limit will ease compliance and improve financial security for retirees.

Who Got What

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Budget Announcements for Senior Citizens in FY2025

Senior Citizens

Significant progress in New Pension Scheme
Deduction on Family pension is enhanced from Rs 15,000 to Rs 25,000
Standard Deduction for pensioner increased to Rs 75,000 under New tax regime

Budget Announcements for Senior Citizens in FY2024

Senior Citizens

The maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from Rs 15 lakh to Rs 30 lakh.

Budget Announcements for Senior Citizens in FY2023

Senior Citizens

The maximum deposit limit for the Senior Citizen Savings Scheme has been increased from Rs 15 lakhs to Rs 30 lakhs.

Budget Announcements for Senior Citizens in FY2022

Senior Citizens

Senior citizens aged over 75 with only pension and interest income exempted from filing tax returns; taxes to be deducted by their paying bank.

Budget Announcements for Senior Citizens in FY2021

Senior Citizens

Increased allocation of Rs. 9,500 crore for senior citizens and Divyang (persons with disabilities) for the year 2020-21.

Budget Announcements for Senior Citizens in FY2020

Senior Citizens

Tax benefits including deductions on home loan interest, education loan interest, National Pension Scheme contributions, and medical expenses exempt higher-income earners, benefitting around 3 crore middle-class taxpayers, including senior citizens.