Union Budget 2024: A surprise for senior citizens..!?

Pensioners have been hit hard by rising prices and rising costs of living. To overcome these challenges and improve quality of life, senior citizens are eagerly awaiting the announcement of financial assistance and tax incentives in Budget 2024. This post details what benefits could be announced in the Budget as aged care costs continue to rise. The cost of living has affected not only families but also senior citizens. Pensioners have also been hit hard. So for pensioners, will there be announcements in this budget? That's what senior citizens expect. The budget will be presented by Finance minister Nirmala Sitharaman on July 23. Increase in tax ceiling under Section 80TTB: Senior citizens are now allowed to deduct up to Rs.50,000 on interest income on bank deposits, post office deposits, etc. There has been a demand that this should be increased to Rs.1 lakh and allowed to be deducted in the new tax system.
Tax Deduction for Rent Expenses: Non-pensionable senior citizens living in rented accommodation can claim tax deductions for rental expenses. This will reduce their house rent cost and reduce their financial burden. Increase in health Insurance Premium Tax Deductions: There are expectations that the government may increase the deductions on health insurance premiums for senior citizens. The current limit is Rs.50,000.This limit may be increased to Rs.1 lakh. There are expectations that raising this limit will definitely help in addressing rising medical expenses and maintaining their health and well-being.Increase in LTCG tax exemption ceiling: By raising the tax exemption ceiling on long-term capital gains from Rs 1 lakh to Rs 2 lakh, senior citizens will be encouraged to invest in the stock market. Apart from this, senior citizens are also looking forward to an increase in tax exemption limits on old and new tax regimes and income from NPS, EPS, and other schemes.

Additionally, to reduce the tax filing burden on senior citizens, the tax exemption limit currently provided to those above 75 years of age should be increased. This means that under Income Tax Act 194P a person aged 75 years can get an exemption from filing income tax. There are also expectations to lower this limit. Will the above-mentioned schemes be announced in this budget and will the expectations of the senior citizens be fulfilled? There is only one day left to find out. Let's see if this budget is good for senior citizens!