Taxation on interests of a pensioner
A retired person generally deposits his whole saving in to fixed deposits / likes for getting monthly interest which will be used as his monthly income. Please note that all the retired people are not getting pension. Their livelihood is only monthly interest accrued from deposits / likes. Many of them do not get any medical benefit from ex-employer.
Request Government to consider these group for some additional tax benefit.
If members can suggest how this could happen. Since the income from interest is only source of income and may require additional amount for medical and emergency expenses.
Taxing them on par serving persons may be a burden for them more
Request Government to consider these group for some additional tax benefit.
If members can suggest how this could happen. Since the income from interest is only source of income and may require additional amount for medical and emergency expenses.
Taxing them on par serving persons may be a burden for them more
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In some cases the retirement age starts from 56. I have come across few individuals of this category without any pension / medical benefit. In most of these cases they still have their children to be married. Even these cases to be covered under the above. more
Feb 12
I think the right approach is to increase the rate of interest on FDR's for senior citizens so as to cover the TDS deduction and the exemption amount of Rs. 3 lacs should be further increased. Apart from this all the senior citizens shud have free Medical Insurance attached to their Bank accounts. more
Feb 12
I totally agree. The simple way to do is that interest income earned by way of bank fixed deposits by senior citizens should be made tax free. This is also required as bank fixed deposits earn less interest than the interest available in open marked but senior citizens cannot think of resorting to those avenues for fear of their money being siphoned off totally. But it is a fact that the bank FD interest is lesser than the rate of inflation. On this count also interest earned on bank FD should not be taxed. In this regard it may not be out of place to mention that interest exceeding Rs.10000 earned on saving bank account is also taxable. This appears to be rediculous as saving bank interest is merely 4% which is always below the rate of inflation but senior citizens have to keep a considerable amount in saving account for fear of any medical emergency. I hope that finance minister would consider the plight of senior citizens. more
Feb 12
The best option is exempt the interest on bank deposits from income tax instead charge a small levy say .05% on interest paid on deposits as well as interest charged by banks on advances which should be borne by the bank as its cost. By this huge amount will come to banks as deposits which can be deployed for economic growth which in turn brings additional indirect taxes. and will compensate for the loss of income tax on deposits and every interest is taxed without any hassles and lessor monitoring required. more
Feb 12
BUT WHO WILL BELL THE CAT??? WHAT ABOUT THE CONCESSIONS IN INFLATED ELECTRIC BILLS, PETROL, MEDICAL AND GROCERY EXPENSES. more
Feb 12
