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Income Tax on Senior Citizens: Govt. statement in Loksabha

Income Tax on Senior Citizens: Govt. statement in Loksabha GOVERNMENT OF INDIA MINISTRY OF FINANCE LOK SABHA UNSTARRED QUESTION NO: 315 ANSWERED

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Income Tax on Senior Citizens: Govt. statement in Loksabha

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
LOK SABHA

UNSTARRED QUESTION NO: 315

ANSWERED ON: 03.02.2017

Income Tax on Senior Citizens

RAMDAS CHANDRABHANJI TADAS
Will the Minister of FINANCE be pleased to state:-

(a) whether the Government proposes to implement any scheme of monthly interest of 8 per cent on fixed deposit scheme for 10 years for 7.5 lakh rupees for senior citizens under the income tax net; and
(b) if so, the details thereof and if not, the reasons therefor?

ANSWER

(a) & (b) Sir, the Varishtha Pension Bima Yojana (VPBY), 2017, a Government supported scheme, is being implemented through LIC, to provide social security during old age and protect elderly persons aged 60 years and above. The scheme protects investors against a future fall in the interest income due to uncertain market conditions. The scheme provides an assured pension based on a guaranteed rate of return of 8% per annum for ten years, with an option to opt for pension on a monthly / quarterly / half-yearly and annual basis. The differential return, i.e. the difference between the return generated by LIC and the assured return of 8% per annum would be borne by Government of India as subsidy on an annual basis.


Source: Loksabha.nic.in [PDF/WORD(Hindi) ##eye##] [PDF/WORD English ##eye##]

COMMENTS

WORDPRESS: 1
  • The noose of the Income tax is getting tightened for the sr citizens. It was earlier 2.5 lakhs for others being 1.5 lakhs. It became 3 lakhs last yr when for others it was 2.5 lakhs. This yr the word Sr citizen has vanished from th slabs.