Quick Summary
With the Union Budget 2025 set to be presented by Finance Minister Nirmala Sitharaman on February 1, senior citizens are eagerly anticipating potential tax relief measures and improved interest rates on savings schemes. "Finance Ministers over the years have ensured that senior citizens have access to a savings instrument that offers returns above market rates, long-term stability, and minimal risk," an industry expert noted. Key Expectations for Senior Citizens in Budget 2025 1. Lower Age
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FAQ :
Senior citizens are hoping for tax relief, including lower age limits for tax filing exemptions and increased basic exemption limits. They also anticipate better interest rates and potential tax exemptions on savings schemes like SCSS.
Currently, senior citizens aged 75 or above are exempt from filing income tax returns if their income solely comes from pension and interest deposited in the same bank where their pension is received.
Experts suggest reducing the age threshold for exemption from filing income tax returns from 75 to 70 years to benefit a wider group of retirees.
Under the old tax regime, the basic exemption limit is Rs 3 lakh for senior citizens and Rs 5 lakh for super senior citizens (80+ years). An increase to Rs 5 lakh under the new tax regime is being requested.
There is an expectation that the government may introduce tax exemptions or deductions on interest earned from the Senior Citizens Savings Scheme (SCSS), 2024, and that interest rates on such schemes could be increased.
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