Union Finance Minister, Nirmala Sitharaman will be presenting her last full budget on 1st February 2023, in the final year in office of Modi Government. There are many expectations from all sections of the society, from this year’s Union Budget. India is an aspirational and one of the top performing large economies in the world, in the midst of looming global recession. Senior citizens in our country are most ignored section in our society, yet they have years of wisdom. We have tried to summarize the expectations of our Senior Citizens amid rising inflation and increasing expenses of healthcare in the country.
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Expectations of senior citizens from this year’s Union Budget 2023-24
• Senior citizens anticipate that the government will increase the medical expense deduction. Senior citizens currently have access to an annual deduction for medical costs of up to Rs 50,000.
• Seniors believe the government may raise the basic income tax exemption limit from Rs 3 lakh to Rs 5 lakh.
• Senior Citizens who have health insurance are eligible to deduct up to Rs 50,000 in taxes from their section 80D premium payments. Senior citizens want this threshold raised to Rs. 1 lakh.
• Under section 80TTB, senior individuals are eligible for a tax deduction of up to Rs 50,000 on interest earned on bank and Post Office savings fixed deposits (FDs). Up to Rs 1 lakh could be deducted.
• It’s also possible that the government will decide to exempt pensions from income tax, or at least the primary portion of them.
• The Finance Minister should make outpatient department treatment (OPD) costs such doctor consultation fees, pharmacy costs, and diagnostic tests deductible even if they are not covered by insurance policies, according to senior residents.
• Other requests from senior citizens for the Union Budget 2023–24 include a new dedicated fixed income instrument, a rationalisation of the lock-in period of retaining specified investments under Section 80C, and simplification of the tax return and refund process.
What is a Union Budget?
The Union Budget of a year, commonly known as the annual financial statement, is a declaration of the anticipated receipts and expenditures of the government for that year, as per Article 112 of the Indian Constitution.
The government’s financial records are kept by the Union Budget for the fiscal year, which runs from 1 April to 31 March. The Union Budget is further divided into a Revenue Budget and a Capital Budget.
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