Budget 2024: Expectations of Senior Citizens from this Interim Budget 2024-25

The government will shortly present its interim budget, and senior citizens are hoping for an announcement that would improve their quality of life while also addressing their financial concerns. The government needs to address a number of issues concerning senior citizens. Here are some of the important elements that senior citizens expect from the interim budget 2024-25.

Increase in Tax Deduction Limit u/s 80TTB

The majority of the geriatric population relies on passive income such as pensions and interest from fixed deposits. The interim budget should focus on improving their general well-being for stress-free golden years.

To have more disposable income, the tax deduction ceiling under section 80TTB should be increased from the present Rs. 50,000, which has not been updated in recent years. Given the post-COVID-19 jump in inflation and growing healthcare costs, we expect to see an increase in the threshold for tax deductions for health insurance premiums and medical treatment expenses for specific therapies.

Improvement in Senior Care Facility

The senior citizen population in India is steadily increasing. To address the difficulties of senior citizens’ housing and care, a significant infrastructural investment is required.

Experts say that as younger generations of the family settle overseas, the necessity for a holistic environment is greater than ever. Incentives for stakeholders to raise quality standards through affordable prices will serve as a catalyst. This holistic approach will improve the financial stability and living situations of our senior citizens.

A Comprehensive Boost for Senior Citizens’ Finances

There is an urgent need to change the income tax exemption level for senior citizens, as the current slab of Rs.3 lakhs does not reflect the rising cost of living and healthcare. Also, Section 80C of the Income Tax Act, which allows tax deductions of up to INR 1.5 lakh for certain investments, has not changed in eight years. An increase in the present ceiling will provide seniors with more options for tax benefits in this changing financial world.

The interim budget should encourage more health-related investment alternatives for seniors and ease restrictions on post-office savings programmes suited to their requirements.