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Deputy Chief Minister Mallu Bhatti Vikramarka offered a GST exemption for health insurance premiums for senior citizens and for reduction or exemption on health insurance premiums based on the access to effective healthcare of their choice to ensure the middle and lower middle-class groups who have high medical expenditures. In the 54th GST Council meeting […]
An examination of the budget expectations among senior citizens highlights their concerns regarding accessible infrastructure and the high Goods and Services Tax rates applied to various services and products essential for the elderly, among other issues. A new survey conducted by the well-known foundation involving interactions with 10,000 elderly individuals nationwide, the analysis sheds light […]
Easy to Know Senior Citizenship in India: As per the law, a Senior Citizen in India is defined as any citizen who has reached the age of 60 years or older, a shift from the previous benchmark of 65 years. Different age criteria applied for various purposes, like railway and flight tickets, but now uniformly […]
The forthcoming GST Council meeting scheduled for October 7 brings potential good news for senior citizens, as there is a possibility of a reduction in the tax rate on health insurance premiums. It has been reported that the 52nd GST Council is considering a proposal to lower the GST rate on health insurance from the […]
Section 80TTB Income Tax exemption limit for senior citizens: The exemption is there on the Interest income of up to Rs 50,000 on savings accounts, fixed deposits, and recurring deposits from income tax for senior citizens under Section 80TTB of the Income Tax Act. SBI Research recommended in its recent report that this limit must […]
The applicant’s provision of regular medical monitoring services and other logistical support to senior citizens at their doorstep does not qualify for exemption from the application of the Goods and Services Tax, which is subject to an 18% rate as determined by the West Bengal Authority for Advance Ruling (AAR). The authority noted that the […]
The Income Tax Department allows senior citizens above a certain age to not file an Income Tax Return (ITR) if they meet specific conditions outlined in the Income Tax Act of 1961. As the time for filing ITRs approaches, the government has introduced amendments to the Excel utilities for certain ITR forms. Inside the Union […]
There are some special income tax benefits that have been provided to Senior Citizens in India. These special Income Tax benefits include tax exemption on certain incomes for more income for selected expenses considering its limited income-earning ability and high medical expenses. By staying up-to-date with the knowledge of all these benefits, senior citizens will […]
With the implementation of GST, the senior citizens or elderly population of the country are facing additional burden, who is disabled due to advancing age or any other problem and are living in retirement community centres.
