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Gopinath Bangalore

Secured earning for Senior Citizens

very good idea. No TDS should be made for senior citizen. In LIC Tax has been deducted from the maturity amount this year for the survival benefits paid 3 years and 6 years back which is wrong. Which tax rules says this?. they are torturing senior citizen. This is a serious matter. Finance minister should give instructions immediately to LIC for non deduction of tax for the survival benefits paid previous years especially for senior citizen. more  

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Secured earning for Senior Citizens
I raised this point on earlier occasions also. No relief seen in any budget. I made a suggestion as follows: There are some schemes exclusively for the benefit of Senior Citizens like Senior Citizens Savings Scheme in Post Offices and PMVVY with LIC. I do not know about any other scheme. However, these schemes are for a very limited period like 5 years and 10 years. Senior citizens wish to lead a respectful life at that stage and not to depend on others for financial needs. The above schemes appears to be good for that purpose. The concern here is they are for limited period of 5/10 years and thereafter what? Where the Senior citizens to invest and have secured earnings? With this point in my mind I put it our circle that Senior Citizens schemes shall be provided for life. This will enable senior citizens to receive secured income throughout their life time. Here we need to consider one thing. Mostly the people saving in these schemes are from retired employee groups and who have paid taxes during their career. They are not getting any return for taxes paid and private sector employees get only EPFO pension, which is meagre to say the least. The senior citizens can not run from pillar to post to look for safe and secured saving schemes from time to time. If the Govt. is not protecting senior citizens with appropriate schemes their lives will become miserable and they may be tempted for short term gains etc., and lose their savings. The request here is make senior citizen schemes for life and they deserve this kind of benefit too as the provided inputs for national building during their employment times.
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