It is natural as we grow especially after 50 and more severly after 60 dieases keep catching us. It is a fact that Sr citizens keep spending some fixed sum a month on a host of medicines.It is therefore necessary that our FM should give caliberated exemption on supposed medical expenditure for the aged.For example people from 60 to 65 should be given additional sum of say Rs 30,000/= Sr citizens form 65 to 70 additional exemption of Rs 40,000/=and above 70 yrs of age Rs 50,000/=.These additional exemptions for our sr citizens would not materialy affect revenue but as MMS said as FM a few years back it is a pay back time .
Despite of paying incomtax , There are many other tax like Service tax(12.5%) , Property tax and many other tax. so what is the savings left for the salaried person.
Despite of paying incomtax , There are many other tax like Service tax(12.5%) , Property tax and many other tax. so what is the savings left for the salaried person.
1. Senior Citizens which is the most vulnerable class of the society has been hit hard by recent phenomenal rise in general rise in prices of essential commodities. Therefore, the general exemption of Rs.2.40 lakhs in IT has become quite inadequate. The exemption limit need be raised to Rs.5 lakhs without return. 2. The growing age needs more health care and more medical expenses. Hence, the present exemption limit of Rs.15000 of reimbursement under Mediclaim or scheme of reimbursement of employer to which a Scheme has contributed be abolished. In such cases the amount reimbursed be fully exempted from IT in favour of Senior Citizens because the amount received as reimbursement is neither income nor profit. This will help them pass their evening of life peacefully.
Re: Riase Income Tax Exemption for Senior Citizens
by Narayanswamy on Feb 13, 2010 04:49 PM Permalink
What sort of Income do a senior citizen get? Most of them live on Pension. The government is least bothered about the so called senior citizen. I am 86 and I am retired perosnnel from a Central Govt Organisation. Since the date of retirement till date in am drawing the same pention. There has been no revision. I do not know what do government get on taxing the age old people. Among senior citizen there should be age barriers. Moreover the Govt should bring a law stating that all senior citizen (Male 70 and above) (Female 60 and above) should get free medical benefits from any Hospital, be it be a medical check up or surgery. They should all be free of cost and these hospitals should claim the tax rebate on catering to the senior citizen. We are already been tax all the life long during our employment, may it by our children to educate them or wife to keep them happy or the government on our income and at this age too govt is thinking of taxing us.
Re: Riase Income Tax Exemption for Senior Citizens
by Narayanswamy on Feb 13, 2010 04:49 PM Permalink
What sort of Income do a senior citizen get? Most of them live on Pension. The government is least bothered about the so called senior citizen. I am 86 and I am retired perosnnel from a Central Govt Organisation. Since the date of retirement till date in am drawing the same pention. There has been no revision. I do not know what do government get on taxing the age old people. Among senior citizen there should be age barriers. Moreover the Govt should bring a law stating that all senior citizen (Male 70 and above) (Female 60 and above) should get free medical benefits from any Hospital, be it be a medical check up or surgery. They should all be free of cost and these hospitals should claim the tax rebate on catering to the senior citizen. We are already been tax all the life long during our employment, may it by our children to educate them or wife to keep them happy or the government on our income and at this age too govt is thinking of taxing us.
1. Senior Citizens which is the most vulnerable class of the society has been hit hard by recent phenomenal rise in general rise in prices of essential commodities. Therefore, the general exemption of Rs.2.40 lakhs in IT has become quite inadequate. The exemption limit need be raised to Rs.5 lakhs without return. 2. The growing age needs more health care and more medical expenses. Hence, the present exemption limit of Rs.15000 of reimbursement under Mediclaim or scheme of reimbursement of employer to which a Scheme has contributed be abolished. In such cases the amount reimbursed be fully exempted from IT in favour of Senior Citizens because the amount received as reimbursement is neither income nor profit. This will help them pass their evening of life peacefully.
1.The existing limit of Rs.2.40 lakhs is quite inadequate in view of rise in general prices and cost of medicine and teatment in advanced age.The exemption limit be raied to Rs.5 lakhs so that Senior Citizens may pass their remaining evening of life comfortably. 2.The exemption limit of Rs.15000 on medical reimbersment under Mediclaim or by Employer to which Senior Citizen has contributed has no relevance.The reimbersment to Senior Citizen is no profit or income to him.Hence the tax levied on amount of reimbersment exceeding Rs.15000 be comletely abolished for Senior Citizens.The abolishion of tax will greatly help them and will leave them free to take treatment wherever convenient.As the Senior Citizens grow older their medical expenses also grow and in some cases without limit.
1.The existing limit of Rs.2.40 lakhs is quite inadequate in view of rise in general prices and cost of medicine and teatment in advanced age.The exemption limit be raied to Rs.5 lakhs so that Senior Citizens may pass their remaining evening of life comfortably. 2.The exemption limit of Rs.15000 on medical reimbersment under Mediclaim or by Employer to which Senior Citizen has contributed has no relevance.The reimbersment to Senior Citizen is no profit or income to him.Hence the tax levied on amount of reimbersment exceeding Rs.15000 be comletely abolished for Senior Citizens.The abolishion of tax will greatly help them and will leave them free to take treatment wherever convenient.As the Senior Citizens grow older their medical expenses also grow and in some cases without limit.
1.The existing limit of Rs.2.40 lakhs is quite inadequate in view of rise in general prices and cost of medicine and teatment in advanced age.The exemption limit be raied to Rs.5 lakhs so that Senior Citizens may pass their remaining evening of life comfortably. 2.The exemption limit of Rs.15000 on medical reimbersment under Mediclaim or by Employer to which Senior Citizen has contributed has no relevance.The reimbersment to Senior Citizen is no profit or income to him.Hence the tax levied on amount of reimbersment exceeding Rs.15000 be comletely abolished for Senior Citizens.The abolishion of tax will greatly help them and will leave them free to take treatment wherever convenient.As the Senior Citizens grow older their medical expenses also grow and in some cases without limit.
1.The existing limit of Rs.2.40 lakhs is quite inadequate in view of rise in general prices and cost of medicine and teatment in advanced age.The exemption limit be raied to Rs.5 lakhs so that Senior Citizens may pass their remaining evening of life comfortably. 2.The exemption limit of Rs.15000 on medical reimbersment under Mediclaim or by Employer to which Senior Citizen has contributed has no relevance.The reimbersment to Senior Citizen is no profit or income to him.Hence the tax levied on amount of reimbersment exceeding Rs.15000 be comletely abolished for Senior Citizens.The abolishion of tax will greatly help them and will leave them free to take treatment wherever convenient.As the Senior Citizens grow older their medical expenses also grow and in some cases without limit.
1.The existing limit of Rs.2.40 lakhs is quite inadequate in view of rise in general prices and cost of medicine and teatment in advanced age.The exemption limit be raied to Rs.5 lakhs so that Senior Citizens may pass their remaining evening of life comfortably. 2.The exemption limit of Rs.15000 on medical reimbersment under Mediclaim or by Employer to which Senior Citizen has contributed has no relevance.The reimbersment to Senior Citizen is no profit or income to him.Hence the tax levied on amount of reimbersment exceeding Rs.15000 be comletely abolished for Senior Citizens.The abolishion of tax will greatly help them and will leave them free to take treatment wherever convenient.As the Senior Citizens grow older their medical expenses also grow and in some cases without limit.
