Tax Relief/ subsidy to senior citizens

 Tax Relief to senior citizens 

Good morning. One should never be at the mercy of anyone, especially senior citizens. We should pray God to gift us that life. 

Some suggestions on providing tax relief to senior citizens. Their spends are simple and straight forward.

1. Pay for conveyance for local trips either thro ola/uber or engage temp driver and incur petrol expenses 

2. If still mobile, make two to three trips domestic or abroad 

3. Pay for regular illnesses like sugar, BP or cholestrol and annual medical check ups. 

4. Incur expenses as rent or maintenance if they stay in senior citisen homes.

5. Donate for charities to get solace. 

The above are the five major monetary expenses for which the government can announce tax relief for those senior citizens in the tax category. 

Those who are not that fortunate to have a taxable income still in that age, subsidy or grant towards their medical expenses should be thought of. 

Someone influential with the power centres or those whose writings can influence the powers are the best to take up the above suggestions for seniors. And those in Power are the best ones to propose as well as to implement. 

Just stray thoughts. Shared with you all. 

Regards 


V. Viswanathan

20th October 2020

Explanation to the above: 

Someone asked why something for senior citizens and at what age. Thought of explaining a little more.

Standard deduction is not available for non pensioners. Only tax benefit extended for fixed deposits. Insurance not available if your are above 70 years. Even insurance do not cover medicines purchased regularly or domicillary expenses.  So senior citizens have to fend for themselves with the fixed deposit interest income only. 

Again there are apprehensions that how the amount can be evidenced

Suggestions:

a. Local trips conveyance a lumpsum can be fixed. 

b. Trips outside domestic or abroad - bills/receipts can be provided. 

c.Senior citizen home also maintenance/ rent receipt can be given. 

d.Donations of course ceiling  can be enhanced for senior citizens.

e. regular medicine purchases. lumpsum can be provided like conveyance

Can be introduced for senior citizens of 65 years and above initially.  ( I am 62 years old)

V.Viswanathan

20th October 2020


Comments

  1. UnknownOctober 20, 2020 at 8:53 PM

    Apt. A progressive Civil Society must take care of its Senior Citizens who were the early wealth-creators.

    ReplyDelete

Post a Comment

Popular posts from this blog

IBC resolutions and haircuts

Image
  What should be the yardstick to evaluate haircuts in IBC  Recovery versus Total Admitted claims - a fallacy: Recently, one of the largest bank employees' union in India, came out with a list of business firms, said to have been acquired by a business conglomerate through resolutions/liquidation effected under IBC (Insolvency and Bankruptcy Code), with a statement that the business group is the beneficiary at the cost of the banks concerned (average haircut 74%). While the fight against huge haircuts in the banking books (in the resolution process under IBC) by the bank employees' union is understandable, I did not subscribe to the view that was being impressed upon  (in their circular)  that the process was done in order to help one particular beneficiary. Right from the beginning, the resolutions  done through IBC witnessed haircuts ranging from 40 to 80% and the said list, at best, is only  an affirmation to the general trend since the beginning of the...
Read more

An open letter

  An open letter to DFS or RBI or to whom? Perceived, yet undefined, "conduct and behaviour" determine or detrimental to selection?:   It has been reported in the newspapers that Financial Services Institution Bureau (FSIB) is conducting interviews for the positions of MD & CEO in four public sector banks (PSBs), including that of Indian Bank (IB), where the present MD & CEO is retiring on 31st December 2024. Conduct of interviews for the position of MD & CEO of IB raised a few eyebrows in the banking circle, as the name of the ED of Bank of Maharashtra (BoM) was shortlisted by the FSIB for the said position in April 2024. The news item further reported that the decision of FSIB could not be completed to its logical conclusion, since Reserve Bank of India (RBI) appear to have taken a stance (in its communication to FSIB) that the "behaviour and conduct" of the said official "was not befitting his position and responsibilities concerning regulatory c...
Read more

என்னை பண்படுத்திய தருணங்கள்

Image
  என்னை பண்படுத்திய சில நிகழ்வுகள் ஜூலை 6, 2024 தினமலர் சிறுவர் மலர் இதழில், என்னை பள்ளியில் ஊக்குவித்த இரண்டு ஆசிரியர்களை பற்றி குறிப்பிட்டு எழுதி இருந்தேன். (பெட்டிச் செய்தியில் காண்க) .  என்னை பண்படுத்திய  மேலும் சில நிகழ்வுகள்:   1. 1973 மே மாதம் என்பது என் நினைவு SSLC (11 ஆம் வகுப்பு) தேர்வு முடிவுகள் நாளிதழில் வந்திருந்தது. தேர்ச்சி பெற்றவர்களில் என் என்ணும் இருந்தது. காலை 10 மணிக்கு நான் படித்த ராமகிருஷ்ணா உயர்நிலைப்பள்ளி T. Nagar (Main Branch) இல் தேர்வு சான்றிதழும் மதிப்பெண் பட்டியலும் பெற சென்றிருந்தேன். எனது வகுப்பாசிரியர் MKR என்று அழைக்கப்படும் M.K.ராமசாமி அவர்கள் மிகவும் கோபத்தோடு,  "உன்னிடம் நிறைய எதிர்பார்த்தேன், ஏமாற்றி விட்டாய்"என்று கூறிவிட்டு,  பதில் எதிர்பாராமல் சென்று விட்டார். குழப்பத்துடன் மதிப்பெண் சான்றிதழை பெற்றபோது,எனது மொத்த மதிப்பெண் 60  சதவிகிதத்திற்கும் குறைவாக இருந்தது. அரையாண்டு தேர்வில் நல்ல 70 சதவிகிதத்திற்கும் மேலாக பெற்றிருந்தேன். 11-Gயில் படித்த ஞானானந்த பிரசாத் பள்ளியின் முதல் மாணவனாக வருவான் என்று தெரிந்திருந்தா...
Read more