With the Union Budget 2024 due this month, experts from various economic sectors and media reports have voiced the people’s wish list for Union Finance Minister Nirmala Sitharaman. She is set to present her first full budget for FY2024-25 after Prime Minister Narendra Modi’s new government was sworn in for the third straight time after the national elections in June this year.

Also Read: T20 World Cup Victory: Virat Kohli, Rohit Sharma, Jadeja Announce Retirement: 3 Lessons To Learn From Them

While the wish list could be longer if people from all backgrounds are included, for convenience, here is a senior-focused wish list, ranging from higher mediclaim deductions and tax incentives for seniors to the reduced age limit for income tax return (ITR) filling and rent exclusions.

So, before the finance minister presents her FY2024-25 budget in parliament in the third or fourth week of July, here are some public appeals for tax relief highlighted in the media for her.

Mediclaim Deductions

Senior citizens can claim tax deductions up to Rs 50,000 annually for health insurance premiums under Section 80D compared to Rs 25,000 for the general public. Those who don’t have insurance, can also claim relief up to Rs 50,000, subject to producing medical bills. It has been urged that given the high medical inflation, the deductions under 80D should also be increased.

Reduced Age Limit For ITR
Section 194P of the Income-tax Act, 1961, deals with filing income tax returns (ITR). It allows senior citizens aged 75 and above to skip the filing of ITR, subject to certain conditions, such as the taxpayer must have been a resident of India in the previous financial year and meet the age criteria. It has been urged that reducing the age limit further will help more senior citizens avoid the burden of filing ITR.

Tax Deduction On Rent Payments
The government should provide tax deductions for rent payments by senior citizens without regular income. This measure will help them cope with rising costs, primarily rental expenses while providing financial security and stability. This step will further guarantee their ease of living.

Higher Exemption On FDs, Bonds, Dividends
Introducing higher exemptions or lower tax rates on passive income sources like rent, interest from savings accounts, fixed deposits, bonds, dividends, etc., will help reduce their tax burden and ensure more savings for their financial security, allowing them to live a quality life.

Also Read: 5 Must-Dos For Senior Travellers In Las Vegas, The Sin City

ITR Filing Assistance
Seniors should be provided professional help to file ITRs correctly on time. This help will provide them a better understanding of deductions and exemptions they can apply as per their pension income, investments, etc.

Incentives for Senior Taxpayers
The government can provide discounts and incentives for senior taxpayers to strengthen their financial security. For instance, cheaper healthcare, subsidies senior-friendly financial products, etc. can help them improve their living conditions.