2018 Budget Implications for Senior Citizens
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Category - Senior Citizen Money and Taxes
Several tax and related incentives were announced for people aged 60 and above in 2018 budget.
Notable among those are:
Savings and Taxes
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,
Health Expenses and Health Insurance
raise the annual income tax deduction limit for health insurance premium and/or medical reimbursement to ₹50,000 for all seniors
set the ceiling for deduction in lieu of expenses incurred on certain critical illnesses to ₹1 lakh, irrespective of the age of the senior citizen.
Life Insurance and annuity
extending the Pradhan Mantri Vaya Vandana Yojana by two years, up to March 2020, and doubled the cap on investment in the scheme to ₹15 lakh.This annuity-cum-insurance scheme entitles the senior citizen policyholder to a guaranteed pension that equates to an annual return of 8% on investment.
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