senior citizens

Budget 2024: Will FM Sitharaman offer tax relief to senior citizens to ease burden? Key assumptions 

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Budget 2024: Will FM Sitharaman offer tax relief to senior citizens to ease burden? Key assumptions 

Union Budget: Union Finance Minister Nirmala Sitharaman will be reading out her full Budget statement for the FY2024-25 on July 23. Every section, including corporate entities and individual taxpayers, is eagerly awaiting potential announcements that have the potential to significantly impact their financial situations.  Senior citizens especially have been waiting for some tax relief. According … Read more

Union Budget 2024: Will the FM offer some tax relief to healthcare, health insurance sectors?

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Union Budget 2024: Will the FM offer some tax relief to healthcare, health insurance sectors?

Budget 2024-25: Before each Budget, the allocation of funds and tax incentives for various sectors become prominent topics of discussion. Leading up to this year’s comprehensive Budget, experts and industry insiders have emphasized the need to increase the healthcare spending as a percentage of GDP. This would enhance accessibility, affordability, and most importantly, the overall … Read more

Budget 2024: Higher tax exemption limit to reduction in GST rate, what is insurance sector expecting this time

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Budget 2024: Higher tax exemption limit to reduction in GST rate, what is insurance sector expecting this time

Union Budget 2024: Indian insurance firms have been expecting various tax exemptions from the Central government in the upcoming Union Budget to improve the appeal and accessibility of insurance products, thus encouraging wider adoption across the country. Insurers specialising in life coverage are advocating for tax relief on annuities and a reduction in the goods and … Read more

ITR filing: Which ITR form should senior citizens, super senior citizens choose to file their tax return

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ITR filing: Which ITR form should senior citizens, super senior citizens choose to file their tax return

ITR filing 2024: As the deadline for income tax filing approaches, it is crucial for taxpayers categorised as senior and super senior citizens to understand the specific provisions tailored for them. For the financial year 2023-24, tax-saving investments made by March 31, 2024, will be considered for income tax returns. Many seniors mistakenly believe they need … Read more

ITR FY2024: What tax regime suits senior citizens who get pension benefits under NPS

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ITR FY2024: What tax regime suits senior citizens who get pension benefits under NPS

ITR for senior citizens: The time to file Income Tax Returns (ITR) started for many in April 2024 who do not depend on their employers for their Form 16. Filing income tax returns is quite challenging for many, particularly senior citizens, who may encounter difficulties due to prevalent misconceptions. One prevalent misunderstanding is the belief … Read more

29% senior citizens have access to social security schemes like pension, PF: Report

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29% senior citizens have access to social security schemes like pension, PF: Report

A recently published report by NGO HelpAge has said that only 29 per cent elderly people have access to social security schemes, such as old-age pensions or provident funds. The report, ‘Ageing in India – Exploring Preparedness & Response to Care Challenges – A HelpAge India Report’, further stated that around 29% of senior citizens … Read more

Income Tax Returns: How senior citizens can save capital gains tax during filing their ITR

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Income Tax Returns: How senior citizens can save capital gains tax during filing their ITR

Investments yielding returns over an extended period, specifically a minimum of one to three years, are categorised as long-term capital gains (LTCG). This classification encompasses returns from various investment vehicles such as real estate, stocks, mutual funds and zero-coupon government bonds. Senior citizens intending to liquidate assets such as real estate, stocks, mutual funds, bonds, … Read more

ITR filing FY2024: What tax benefits do senior citizens receive on medical insurance 

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ITR filing FY2024: What tax benefits do senior citizens receive on medical insurance 

Maintaining proper management of health conditions is imperative to prevent complications in later years, as individuals become increasingly susceptible to ailments. Considering the substantial medical expenses prevalent today, a comprehensive health insurance policy can be invaluable in mitigating the high costs associated with hospital stays and medical consultations.  The Insurance Regulatory and Development Authority of … Read more

Health insurance: 52% policyholders say their yearly premium has gone up by over 25% in 12 months

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Health insurance: 52% policyholders say their yearly premium has gone up by over 25% in 12 months

A survey has highlighted that a majority of policy owners that their insurance premiums have already increased in the last one year much before the Insurance Regulatory and Development Authority of India (IRDAI) removed the age limit restriction for buying a health insurance policy.  In April 2024, the IRDAI removed the age limit restriction for … Read more