HomeINCOME TAX

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

Claiming of medical expenditure under section 80DDB for tax purposes made easy
Income Tax Exemption notification under Atal Pension Yojana (APY)
Contribution made towards disaster relief for the affected people of Uttarakhand- 100% deduction u/s 80G of the Income Tax Act
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.