Plugging Tax Leaks
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At this juncture you are usually left with your gratuity money, pension tax savings options for senior citizens, PF and various investments to take you through the rest of your life. The challenge is to not outlive the resources you have accumulated for life in retirement. A good mix of fixed income and market linked products is the answer to ensure optimal investment returns through your golden years. With this financial year coming to a closure, time seems to be ripe now to plan your portfolio for the upcoming year.
In the Union Budget presented on February 1, Finance Minister Arun Jaitley has made some senior citizen-friendly announcements to reduce the tax outgo and encourage savings.
Central government jobs go up 2. The exemption limit on interest income from various sources such as fixed deposits, recurring deposits, post office schemes, Senior Citizens Savings Scheme etc. This allows senior citizens to invest bigger amounts in interest-generating instruments such as the Post Office Monthly Income Scheme, without worrying about having to pay taxes on earnings above Rs.
Its sole purpose is to provide financial support during any unforeseen circumstances such as a medical emergency tax savings options for senior citizens disability.
A sudden health hazard can drain you off all your savings if you are not insurance-protected. Keeping the shooting medical expenses in mind, the government has proposed some tax relief for senior citizens this Union Budget for the premium paid towards health insurance.
How standard deduction and cess increase will impact your take-home salary. The exemption limit on the premium paid has now been increased to Rs. For premiums paid towards critical illness insurance, the exemption limit has been raised to Rs. These benefits can also be availed by the ones who are paying for the premiums or treatment of dependent senior citizens.
The scheme has been proposed to be tax savings options for senior citizens this year by doubling the purchase price to Rs. Considering the falling interest rates, this scheme with its guaranteed return is an attractive product for the senior citizens.
Debt balanced funds invest in a mix of fixed income instruments and equity, allowing you to generate moderately high returns over the long-term. These fund varieties are tax-efficient: Apart from these major schemes, the senior citizens tax savings options for senior citizens financial year can save more on their pension income as the government has announced a standard deduction of Rs 40, Telly Talk Gossip Written Updates.